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Suppose that you invest 5873 in an account that earns an interest rate of 4.4% compounded monthly determine the accumulated balance after 7 years

Respuesta :

mathmate
present value, P = 5873
interest rate, i = 4.4%/12 = 0.044/12 per month
Number of periods, n = 7*12 = 84 months.

Future value
[tex]F=P(1+i)^n[/tex]
[tex]=5873(1+0.044/12)^{84}[/tex]
[tex]=7986.90[/tex]   to the nearest cent

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