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22 August, 18:13

After 14 years, what is the total amount in an account paying 6.4% monthly interest, if $3,800 is initially deposited and no other transactions are made? Enter your answer rounded to the nearest cent.

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  1. 22 August, 20:25
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    The amount is P (1+r/n) ^ (txn). In this question, r/12 = 6.4%, so the equation is 3,800 (1+0.064) ^ (14x12) = 74,641.74
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