Asked by Eddie Weissfeld on Jun 11, 2024

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Evaluate the following to the correct cent:
$1137(1+0.097512)2+$2643(1+0.097512)3\$ 1137\left(1+\frac{0.0975}{12}\right)^{2}+\frac{\$ 2643}{\left(1+\frac{0.0975}{12}\right)^{3}}$1137(1+120.0975)2+(1+120.0975)3$2643

Compound Interest

Interest computation on a loan or deposit that factors in the original principal along with the interest that has accrued in earlier cycles.

Financial Calculation

The process of using mathematical formulas to evaluate financial data regarding investments, loans, profits, and other money-related matters.

  • Interpret and solve problems involving financial formulas for interests and annuities.
  • Accomplish exact mathematical operations on fractions and decimals, with a rounding accuracy to the nearest cent.
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Verified Answer

SW
samantha winterJun 17, 2024
Final Answer :
$3,735.16