Math Problem Statement
Phineas puts $400 into a certificate of deposit that earns 3.17%. If the money is compounded monthly, how much will it be worth in 5 years?
State your answer in terms of dollars, rounded to the nearest cent, but do not include a $ sign or the word "dollars" with your response.
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Percentages
Formulas
A = P(1 + r/n)^(nt)
Theorems
Compound Interest Formula
Suitable Grade Level
Grades 10-12
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