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Use the appropriate compound interest formula to compute the balance in account after the stated period of time. is invested for years with an APR of and monthly compounding.
The goal is to calculate the balance in an account for years that has invested at an annual percentage rate of and monthly compounding.
To calculate the balance, apply the Compound Interest Formula for interest paid once a year:
is the accumulated balance after years. is the starting principal is the annual percentage rate (as a decimal) is the number of compounding periods per year is the number of years
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