Math Problem Statement
An investment of $4,000 is deposited into an account in which interest is compounded monthly. Complete the table by filling in the amounts the investment grows to at the indicated times. (Round your answers to the nearest cent.) r = 5% Time (years) Amount 1 $ 2 $ 3 $ 4 $ 5 $ 6 $
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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