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25 October, 16:41

A retirement account is opened with an initial deposit of $8,500 and earns 8.12% interest compounded monthly. What will the account be worth in 20 years?

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  1. 25 October, 20:05
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    8,500 x. 0812 = 690.2

    690.2 x 12 = 8282.4

    8282.4 x 20 = 165, 648

    165,648 + 8,500 = 174,148
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