Math Problem Statement
You deposit $5000 in an account earning 4% interest compounded monthly. How much will you have in the account in 15 years?
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Finance Mathematics
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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