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Jaxson invest $7,500 into an account with a 4.6% interest rate that is compounded monthly how much money will be in this account after 5years. Round your answer to the nearest cent

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Answer:

$9,435.35

Step-by-step explanation:

First, convert R as a percent to r as a decimal

r = R/100

r = 4.6/100

r = 0.046 rate per year,

Then solve the equation for A

A = P(1 + r/n)nt

A = 7,500.00(1 + 0.046/12)(12)(5)

A = 7,500.00(1 + 0.003833333)(60)

A = $9,435.35

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