Suppose that you invest 5873 in an account that earns an interest rate of 4.4% compounded monthly determine the accumulated balance after 7

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Suppose that you invest 5873 in an account that earns an interest rate of 4.4% compounded monthly determine the accumulated balance after 7 years

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    2021-09-14T21:47:10+00:00

    present value, P = 5873
    interest rate, i = 4.4%/12 = 0.044/12 per month
    Number of periods, n = 7*12 = 84 months.

    Future value
    F=P(1+i)^n
    =5873(1+0.044/12)^{84}
    =7986.90   to the nearest cent

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