Math Problem Statement
You invested $18,000 in an account paying 3.5% annual interest. Find the total value after 3 years when the interest is compounded quarterly. (Round to two decimal places)
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
Compound interest formula: A = P(1 + r/n)^(nt)
Theorems
Compound Interest Theorem
Suitable Grade Level
Grades 9-12
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