0.03 and n = 240. Now, we want to calculate the future value of the 12 We determined that PV = 11,000, i = initial investment. To find the future value FV, to the nearest cent, substitute the known values into the compound interest formula and proceed to simplify. (Round your final answer to the nearest cent.) FV = PV(1 + 240 0.03 1 + 12 FV = Thus, the future value of $11,000 at 3% per year compounded monthly for 20 years is $

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