Math Problem Statement
The following money market account rates were available from a particular bank. Find the compound amount and the interest earned. $16 comma 000 at 1.04% compounded monthly for three years Question content area bottom Part 1 The compound amount is $ enter your response here. (Do not round until the final answer. Then round to the nearest cent as needed.)
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Financial Mathematics
Formulas
Compound Interest Formula: A = P(1 + r/n)^(nt)
Theorems
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Suitable Grade Level
Grades 10-12
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