Use the compound interest formula A=P(1+r/n) to the power of nt to complete this problem. If you invest $2500 in an account that pays an annual percentage rate (APR) of 3.72%, and the interest is compounded monthly, what is the total amount of money that you would have at the end of 18 years?

Use the compound interest formula A=P(1+r/n) to the power of nt to complete this problem. If you invest $2500 in an account that pays an annual percentage rate (APR) of 3.72%, and the interest is compounded monthly, what is the total amount of money that you would have at the end of 18 years?

College Algebra

7th Edition

ISBN:9781305115545

Author:James Stewart, Lothar Redlin, Saleem Watson

Publisher:James Stewart, Lothar Redlin, Saleem Watson

Chapter4: Exponential And Logarithmic Functions

Section4.1: Exponential Functions

Problem 4E

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Use the compound interest formula A=P(1+r/n) to the power of nt to complete this problem.

If you invest $2500 in an account that pays an annual percentage rate (APR) of 3.72%, and the interest is compounded monthly, what is the total amount of money that you would have at the end of 18 years?

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