Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $2,000 is invested for 12 years with an APR of 5% and monthly compounding. The balance in the account after 12 years is $ (Round to the nearest cent as needed.)

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15. balance

Use the appropriate compound interest formula to compute the balance in the account after the stated period of time
$2,000 is invested for 12 years with an APR of 5% and monthly compounding.
The balance in the account after 12 years is $
(Round to the nearest cent as needed.)
Transcribed Image Text:Use the appropriate compound interest formula to compute the balance in the account after the stated period of time $2,000 is invested for 12 years with an APR of 5% and monthly compounding. The balance in the account after 12 years is $ (Round to the nearest cent as needed.)
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