SOLUTION: what is the accumulated amount at the end of 5years if 3,250 is invested at an interest rate of 4.25% compounded monthly?

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Question 845591: what is the accumulated amount at the end of 5years if 3,250 is invested at an interest rate of 4.25% compounded monthly?
Answer by ewatrrr(24785) About Me  (Show Source):
You can put this solution on YOUR website!
 

Hi,

 In General A+=+P%281%2Br%2Fn%29%5E%28nt%29

A = Accumulated Amount

P= principal = 3250

r= annual rate = .425

n= periods per year = 12

t= years = 5

A+=+3250%281.0354%29%5E%2860%29