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Angela deposits 3000 into an account with an APR of 2.9% for 12 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

Solution

Amount : 4246.91

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.029}{12})^{12 \cdot 12}

3000 (1 + \frac{0.029}{12})^{12 \cdot 12} = 4246.91341 \dots

Round to the nearest hundredth:

4246.91

Amount : 4246.91

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