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March 28, 2017

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Suppose Mary deposits $200 at the end of each month for 30 years into an account that pays 5% interest compounded monthly. How much total money will she have in the account at the end?

  • algebra - ,

    i = .05/12 = .001466666...
    n= 30*12 =360

    amount = 200( 1.00146666..^360 - 1)/.00416666
    = 166451.75

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