At the time of her​ grandson’s birth, a grandmother deposits $3000 in an account that pays 9.5% compounded monthly. What will be the

Question

At the time of her​ grandson’s birth, a grandmother deposits $3000 in an account that pays 9.5% compounded monthly.
What will be the value of the account at the​ child’s twenty-first​ birthday, assuming that no other deposits or withdrawals are made during this​ period?

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Hồng Cúc 4 years 2021-08-01T04:28:25+00:00 1 Answers 30 views 0

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    2021-08-01T04:30:15+00:00

    Answer:

    74820

    Step-by-step explanation:

    9.5% of 3000 is 285

    there are 12 months in a year

    so 12 times 21 equals 252

    so 285 times 252 add 3000 equals 74820

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