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25-06-2017
Mathematics

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After 14 years, what is the total amount in an account paying 6.4% monthly interest, if $3,800 is initially deposited and no other transactions are made? Enter your answer rounded to the nearest cent.

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25-06-2017

The amount is P(1+r/n)^(txn). In this question, r/12= 6.4%, so the equation is 3,800(1+0.064)^(14x12) = 74,641.74

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