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You deposit $5700 in an account earning 4.7% interest compounded monthly. How much will you have in the account in 13 years?

User Salkz
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Step-by-step explanation:

To calculate the amount you will have in the account after 13 years, you can use the compound interest formula: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount (initial deposit), r is the annual interest rate, n is the number of times the interest is compounded per year, and t is the number of years. In this case, the initial deposit is $5700, the annual interest rate is 4.7%, and the interest is compounded monthly (n = 12). Plugging in these values into the formula, you can calculate the final amount.

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User Ekans
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