Assume you invest $3,000 in an account that pays 7% compounded monthly. How much money will be in the account
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Assume you invest $3,000 in an account that pays 7% compounded monthly. How much money will be in the account

[From: ] [author: ] [Date: 12-12-23] [Hit: ]
......
Will someone please show me how to solve this?

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Period is not mention
P = 3000
r = 7% per year = 7/12 per month effective rate.
if period is given in years convert it into month
consider for 1 year.
A = P(1 + r/1200)^12t
= 3000(1.00583)^12
= 3216.87
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