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15 May, 07:52

You deposit $3,500 into an account which yields 4% interest. If the account is compounded monthly, how much would you have in 6 years?

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  1. 15 May, 08:20
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    Answer: $4,447.49

    Step-by-step explanation:

    (1) 3500 (1 + 0.04 / 12) ^ 12 x 6

    (2) A = 3500 x 1.003333^72

    (3) A = 3500 x 1.270711

    (4) A = 4,447.49
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