math

3000 for 3 years at 1.8% compounded monthly

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  1. P = Po(1+r)^n

    Po = $3,000

    r = 1.8%/12/100% = 0.0015.

    n = 12Comp./yr. * 3yrs. = 36 Compounding
    periods.

    Solve for P.

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