David invested $44,000 at 8% to be compounded monthly. What will be the value of David's investment in 4 years? Round your answer to the nearest cent, if necessary. Note: 365 days in a year and 30 days in a month.
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We want to find the value of the investment after 4 years. The formula for compound interest is: $$A = P(1 + \frac{r}{n})^{nt}$$ where: A = the future value of the investment/loan, including interest P = the principal investment amount (the initial deposit or loan Show more…
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