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Tim opened a savings account and deposited 300.00 as principal. The account earns 5% interest, compounded monthly. How much interest will he earn after 3 years?

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解答

Timopenedasavingsaccountanddeposited300.00asprincipal.Theaccountearns5%interest,compoundedmonthly.Howmuchinterestwillheearnafter3years?

解答

Interest:48.44
求解步骤
Translate the problem into an equation:348.44166…=300+I
求解 I,348.44166…=300+I:I=48.44
Interest:48.44

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