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23 June, 03:09

Find the amount accumulated if $10000 is invested for 5 years at a rate of 5.9% compunded monthly.

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  1. 23 June, 05:28
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    The Answer: A = $ 13,421.56

    Formula A=P (1 + r/n) ^ (nt) A=10000 (1+0.059/12) ^ (12 (5)) = $ 13,421.56

    V = the future value of the investmentP = the principal investment amountr = the annual interest raten = the number of times that interest is compounded per yeart = the number of years the money is invested for
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