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Ronnie has $500 he wants to put in a savings account that compounds monthly at...

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Basic Math

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Ronnie has $500 he wants to put in a savings account that compounds monthly at a 1% interest rate.a) What is the initial amount?b) What is the interest rate in decimal form?c) What are the number of compounding periods in one year?d) Write an equation that can be used to find the amount, A, after t years.e) How long will it take for him to have $700 in his account?

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