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Math Help - Compound interest

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    Post Compound interest

    A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years?
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  2. #2
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    Quote Originally Posted by chika View Post
    A family invests $4000 in an account paying 6% compounded monthly. How much is in the account after 5 years?
    F = A(1 + i)^n
    F = Future value (?)
    A = Amount invested (4000)
    n = number of months (60)
    i = interest factor (.06 / 12)

    Were you given that problem without being given the formula?
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