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Timothy invested $1,500 in a company retirement account that pays 4% annual interest, compounded monthly. Find the value of his investment after 20 years.

Timothy invested $1,500 in a company retirement account that pays 4% annual interest, compounded monthly. Find the value of his investment after 20 years.
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5 votes
Timothy invested $1,500 in a company retirement account that pays 4% annual interest, compounded monthly. Find the value of his investment after 20 years.

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User Lethi
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8.0k points

2 Answers

2 votes
answer is A=3,333.87
answered
User Parthasarathy B
by
9.1k points
4 votes
A=1,500×(1+0.04÷12)^(12×20)
A=3,333.87
answered
User Slobo
by
7.6k points
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