You deposit $4000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
Added by Maleke L.
Step 1
First, we need to find the monthly interest rate. Since the annual interest rate is 5%, we can divide that by 12 months to get the monthly interest rate: 5% / 12 = 0.4167% or 0.004167 as a decimal. Show more…
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