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Monday After-MATH


Goodoleboy58
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Is interest accrued monthly or annually?

Edit:

Each month's/year's interest should be factored into the calculations for subsequent month/year interest garnered.

$1100*.14=$154

$1100+$154=$1254

$1254*.14=$175.56

$1254+$175.56=$1429.56

$1429.56*.14=$200.14 (rounded)

$1429.56+$200.14=$1629.70

$1629.70*.14=$228.16 (rounded)

$1629.70+$228.16=$1857.86

The answer would be "None of the Above" as the person in question would have reached the $1800 (and then some) mark in just under 4 months/years.

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