The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months? A. $422.10 B. $432.60 C. $424.11

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asked Nov 28, 2018 228k views

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The present value of the money in your savings account is $420, and you're receiving 3% annual interest compounded monthly. What is the future value in two months? A. $422.10 B. $432.60 C. $424.11

Mathematics
high-school

Eraj asked

by Eraj

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1 Answer

3 votes

$420 first month

add 3%

$420+3%

3% of $420 is 12.6

$420+12.6=$432.60

$432.60 answer

Pierre Capo answered Dec 2, 2018

by Pierre Capo

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