SOLUTION: Chris deposited $3000 in a savings account which pays 2.4% interest compounded monthly . how much money will Chris have at the end of 5 years

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Question 1140949: Chris deposited $3000 in a savings account which pays 2.4% interest compounded monthly . how much money will Chris have at the end of 5 years
Answer by josmiceli(19441) About Me  (Show Source):
You can put this solution on YOUR website!
+A+=+A%5B0%5D%2A%28+1+%2B+r%2Fn+%29%5E%28n%2At%29+
+A%5B0%5D+=+3000+
+r+=+.024+
+n+=+12+
+t+=+5+
------------------
+A+=+3000%2A%28+1+%2B+.024%2F12+%29%5E%2812%2A5%29+
+A+=+3000%2A%28+1+%2B+.002+%29%5E60+
+A+=+3000%2A1.002%5E60+
+A+=+3000%2A+1.12736+
+A+=+3382.09+
$3,382.09