SOLUTION: Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.
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Question 628322: Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
Suppose $3500 is invested in an account with an APR of 11% compounded monthly. Find the future value of the account in 3 years.
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A(3) = 3500(1+0.11/12))^(12*3)
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A(3) = 3500(1.009)^36
A(3) = $4861.08
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Cheers,
Stan H.
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