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Kenji invests 3,500 at an interest rate of 3%, compounded monthly. About how much is the investment worth at the end of 5 years?

Solution

Kenji invests 3, 500 at an interest rate of 3%, compounded monthly. About how much is the investment worth at the end of 5 years?

Solution

Amount : 4065.66

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.03}{12})^{12 \cdot 5}

3500 (1 + \frac{0.03}{12})^{12 \cdot 5} = 4065.65873 \dots

Round to the nearest hundredth:

4065.66

Amount : 4065.66

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