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Sagot :
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
P=$175,000
r=3.2%=3.2/100=0.032
n=12
t=19 years
Find the value of A
substitute in the formula
[tex]\begin{gathered} A=175,000(1+\frac{0.032}{12})^{12\cdot19} \\ A=\$321,171.98 \end{gathered}[/tex]Find out the interest
I=A-P
I=321,171.98-175,000
I=$146,171.98
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