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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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Mathematics
4 years
2021-08-01T04:28:25+00:00
2021-08-01T04:28:25+00:00 1 Answers
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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