document.write( "Question 1013070: You deposit $12,000 dollars in an account that pays 5.5% interest compounded monthly. What would your balance be after two years? \n" ); document.write( "

Algebra.Com's Answer #629272 by fractalier(6550) $\"\"$ $\"About$

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If your money is compounded monthly, you can calculate it using the formula:
\n" ); document.write( " $\"A%28t%29+=+P%281+%2B+%28r%2Fn%29%29%5Ent\"$
\n" ); document.write( " $\"A%282%29+=+12000%281+%2B+.055%2F12%29%5E%2812%2A2%29\"$
\n" ); document.write( " $\"A%282%29+=+12000%281.004583%29%5E24\"$
\n" ); document.write( "which yields a balance of
\n" ); document.write( "$13391.86 \n" ); document.write( "

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