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