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Finance suppose that when your friend was born, your friend ‘s parents deposited $2000 in an account paying 4.5% interest compounded monthly. What will the account balance be after 18 years?

Respuesta :

jmaes49
Use the compounding interest formula here:
[tex]a = 2000(1 + \frac{0.045}{12} )^{(12)(18)} \\ a = 4489.01[/tex]

There will be about 4,489 dollars on the account after 18 years.

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