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11 May, 10:47

Suppose that you invest $250 every month in an account that has 3.6% APR. The account is compounded every month.

How much money will you have after 2 years?

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  1. 11 May, 13:14
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    Answer: $268.63

    Step-by-step explanation:

    A = P (1 + R/100n) ^nt

    P (principal) = 250

    R = 3.6 (%)

    n = 12 (months in a year)

    t = 2 (years)

    A = 250 x (1.003) ^24

    = $268.63
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