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21 March, 01:20

Linda deposited $4000 into an account with 5.7% interest, compounded monthly. Assuming that no withdrawals are made, how much will she have in the account after 4 years? Do not round any intermediate computations, and round your answer to the nearest cent.

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  1. 21 March, 01:23
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    The formula is

    A=p (1+r/k) ^kn

    A future value?

    P present value 4000

    R interest rate 0.057

    K compounded monthly 12

    N time 4years

    A=4,000 * (1+0.057:12) ^ (12*4)

    A=5,021.63
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