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Tomas wants to invest $5,000 into a fund with an interest rate of 6% compounded monthly. At the end of 4 years, how much money will there be in the fund? Round your answer to the nearest dollar.

Respuesta :

$6355 will be there in the fund

Investment=$5000

Interest rate =6%=0.06

Time = 4years

We need to find how much money will be there in fund

What is compound interest?

A=Pe^rt

A=5000*e^0.06*4

=5000*e^0.24

=5000*1.271

=$6355

Therefore $6355 will be there in the fund

To learn more about compound interest click here: https://brainly.com/question/14295570

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