Math

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The present value of the money in your savings account is \$420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

• Math -

A=P( 1+r/100)^n
A= 420 ( 1+3/100 )^2/12
A= 420 ( 1.03 ) ^ 0.17
A=\$422.12

• Math -

5. The present value of the money in your savings account is \$420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months?

A. \$424.11
B. \$426
C. \$422.10
D. \$432.60

• Math -

424.11

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