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24-01-2021
Mathematics

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If $3,000 is invested at an interest rate of 1.8%, compounded hourly for two years, what is the ending balance?

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cwrw238 cwrw238

24-01-2021

Answer:

$3109.97.

Step-by-step explanation:

Number of hours in a year = 365*24 = 8760 hours

Balance = 3000(1 + 0.018/8760)^(2*8760)

= 3109.967.

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