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Recently, More Money 4U offered an annuity that pays 45% compounded monthly If $1,000 is deposited into this annuity overy month, how much is in the account after 4 years? How much of this is interest?
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Recently, More Money 4U offered an annuity that pays 45% compounded monthly If $1,000 is deposited into this annuity overy month, how much is in the account after 4 years? How much of this is interest?Type the amount in the accounts(Round to the nearest dollar)

User Armin Rigo
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1 Answer

6 votes

Answer:

Given that,

Interest rate compounded monthly is 45%

Amount deposited is $1000

Total number of months in 4 years is 4x12=

User Roshan Wijesena
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