Use the compound interest formula to determine the final value of the following amount. $1300 at 10.7% compounded monthly for 4.5 years What is the final value of the amount? $\boxed{\text{ }}$ (Simplify your answer. Round to the nearest cent.)
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Step 1: The compound interest formula is given by: $$A = P(1 + \frac{r}{n})^{nt}$$ where: * A is the final amount * P is the principal amount * r is the annual interest rate * n is the number of times that interest is compounded per year * t is the time in years Show more…
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