Math Problem Statement
You deposit $2,000 in an account earning 3% interest compounded monthly. How much will you have in the account in 20 years? How much interest will you earn?
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
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Suitable Grade Level
Grades 9-12
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