SOLUTION: You deposit $3000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?

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Question 1174309: You deposit $3000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!

In General A%28t%29+=+P%281%2Br%2Fn%29%5E%28nt%29
A = Accumulated Amount
P= principal = 3000
r= annual rate = .07
n= periods per year = 12
t= years = 10
Plug and Play
A%28t%29+=+3000%281%2B.07%2F12%29%5E%28120%29
use Your Calculator. Important you are comfortable using it.
Wish You the Best in your Studies.