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Angela deposits 5000 into an account with an APR of 2.2% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

Solution

Amount : 5961.23

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.022}{12})^{12 \cdot 8}

5000 (1 + \frac{0.022}{12})^{12 \cdot 8} = 5961.22964 \dots

Round to the nearest hundredth:

5961.23

Amount : 5961.23

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