A$100 deposit is made at the end of every month for 12 months in an occount that earns interest at an annual interest rate of 3% compounded monthly. How much will be in the occount immediately after the last payment?

Functions and Change: A Modeling Approach to College Algebra (MindTap Course List)
6th Edition
ISBN:9781337111348
Author:Bruce Crauder, Benny Evans, Alan Noell
Publisher:Bruce Crauder, Benny Evans, Alan Noell
ChapterP: Prologue: Calculator Arithmetic
Section: Chapter Questions
Problem 2TU: If the annual percentage rate is 8% and the interest is compounded monthly, what is the amount owed...
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5. A$100 deposit is made at the end of every month for 12 months in an account that earms
interest at an annual interest rate of 3% compounded monthly. How much will be in the
occount immediately ofter the las! payment?
Transcribed Image Text:5. A$100 deposit is made at the end of every month for 12 months in an account that earms interest at an annual interest rate of 3% compounded monthly. How much will be in the occount immediately ofter the las! payment?
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