SOLUTION: You deposit $2000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
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Question 1163464
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You deposit $2000 in an account earning 5% interest compounded monthly. How much will you have in the account in 5 years?
Answer by
ikleyn(52858)
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Future value is FV =
= 2566.72 dollars.
ANSWER
For details, see the lesson
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Compounded interest percentage problems
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