A retirement account is opened with an initial deposit of $9,500 and earns 7.14% interest compounded monthly. What will the account be worth in 25 years? (Round your answer to the nearest cent.) Correct answers only, please.
Added by Ashley M.
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Since there are 12 months in a year, we divide 7.14% by 12, which gives us approximately 0.595% per month. Show more…
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