Answered: Juan invested $2,000 at an annual…

Juan invested $2,000 at an annual interest rate of 4%, compounded monthly. After 3 years, the account's approximate future value is: Group of answer choices $2200 $2280 $2240 $2450

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

Juan invested $2,000 at an annual interest rate of 4%, compounded monthly. After 3 years, the account's approximate future value is:

Group of answer choices

$2200

$2280

$2240

$2450

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