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16 February, 10:25

Find the amount in an account if $3,500 is invested at 6.12% compounded monthly, for 4.5 years

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  1. 16 February, 10:52
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    4606.48 $

    Step-by-step explanation:

    Amount invested P = 3500 $

    Rate of interest r = 6.12%

    Compounding monthly

    Monthly rate of interest = 6.12/12 = 0.51%

    Time = 4.5 years = 4.5 (12) = 54 months

    Hence final amount would be

    P (1+0.01r) ^t

    Here r = 0.51 and t = no of months = 54

    Hence final amount

    = 3500 (1.0051) ^54

    = 3500 (1.31613)

    =4606.48 $

    Thus 3500 if invested now will become 4606.48 in 4.5 years at the rate of interest of 6.12% compounding monthly.
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