Math Problem Statement
how much should be invested now at 4.65% compounded monthly to have 42000 in 12 years
Solution
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Math Problem Analysis
Mathematical Concepts
Compound Interest
Exponential Growth
Formulas
Compound interest formula: A = P(1 + r/n)^(nt)
Principal formula: P = A / (1 + r/n)^(nt)
Theorems
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Suitable Grade Level
Grades 11-12 or College
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