You deposit $3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 10 years?
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Step 1: The formula for compound interest is: $$A = P(1 + \frac{r}{n})^{nt}$$ where: * A is the amount of money after t years * 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 Show more…
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