How much interest does $5000 earn if invested at 10% interest conpound annually for two months?
Answers:
$5000 x (.10/12) x 2 = $83.33
amount=p(1+r/100)^t
=5000(1.1)^2/12
=5080.059339
interest=80.059339
5000 * .1 * 2/12 = 83.33 I may be off slightly since I don't have a calculator and had to do the math in my head but that's the formula.
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