SOLUTION: Find the balance after 4 years of a $2000 investment at 6% annual rate with interest compound monthly

SOLUTION: Find the balance after 4 years of a $2000 investment at 6% annual rate with interest compound monthly

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Question 1114692: Find the balance after 4 years of a $2000 investment at 6% annual rate with interest compound monthly
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
This is 2000(1+(.06/12))^48, the 48 being the number of compoundings.
2000(1.005)^48=$2540.98, round at end.
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