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A bank pays 3.4% annual interest, compounded monthly. If $1550 is invested for 11 years, what will be the ending value of the account?

A bank pays 3.4% annual interest, compounded monthly. If $1550 is invested for 11 years, what will be the ending value of the account?
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5 votes
A bank pays 3.4% annual interest,

compounded monthly. If $1550 is invested
for 11 years, what will be the ending value
of the account?

User Christian Ammer
by
8.3k points

1 Answer

11 votes

Answer:

$2,251.79.

total compound should be is $701.79.

Explanation:

User Patrikbeno
by
7.9k points
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