How much do you earn in interest

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You decide to invest $15000 into a bank account that that is compounding its interest monthly. Assuming the bank is paying out an interest rate of the current prime rate - 1% (In the event that prime - 1% is less than 1%, use 1%), and the investment is for 5 years

a) How much money (total) do you have after the 5 years pass?

b) How much do you earn in interest over the 5 years?

Reference no: EM13167607

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