Suppose you deposit $6000 in a bank and receive 4% per year compound interest for 7 years, compounded monthly. Find the amount after 7 years.
A = P × [1 + (r/n)](nt)
= 6000 × [1 + (0.04/12)](12× 7)
= 6000 × [1.0033]85
= 7912.97
Interest gained = A - P = 7,912.97 - 6000 = 1,912.97
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