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13 Nov 2019
If $3, 500 is deposited at the end of each month in an account that earns 4% compounded monthly, after how many months will the account contain $43,000.00? It will take months.
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Reid Wolff
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4 Feb 2019
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If A0 dollars are invested at annual interest rate r, compounded monthly, then after t years the account will have grown to A(t) = A0[1 + r/12]12t. If $10,000 is deposited in an account earning 8% annual interest compounded monthly, how much will it grow to after 14 years?
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