Math Problem Statement
You deposit $3000 in an account earning 4% interest compounded monthly. How much will you have in the account in 5 years?
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
Compound Interest Theorem: The amount of an investment grows exponentially over time, depending on the principal, rate, frequency, and time period.
Suitable Grade Level
Grades 10-12
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