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If you deposit $1,500 at 3% monthly, how much money do you have in 6 years?
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14 votes
If you deposit $1,500 at 3% monthly, how much money do you have in 6 years?

User Sammarcow
by
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1 Answer

6 votes

Answer: $1795.42

Explanation:


A = P(1+(r)/(n) )^(nt)

A = 1500

r = 3%

n = 12

t = 6


A = 1500(1+(0.03)/(12) )^(12*6)

A = $1795.42

User ColinE
by
4.5k points
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