Math

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Suppose that you invest $6384 in an account that earns interest at an APR of 4.6%, compounded monthly. Determine the accumulated balance after 9 years.

  • Math -

    i = .046/12 = .0038333..
    n = 9(12) = 108

    amount = 6384(1.0038333..)^108 = $9650.44

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