You deposit $1600 in a bank account that pays 2.5% annual interest compounde monthly. Find the balance after 3 years.

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 29RE: Alejandro deposits $80 of his monthly earnings into an annuity that earns 6.25% annual interest,...
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You deposit $1600 in a bank account that pays 2.5% annual interest compounde
monthly. Find the balance after 3 years.
Transcribed Image Text:You deposit $1600 in a bank account that pays 2.5% annual interest compounde monthly. Find the balance after 3 years.
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