Determine the value of an account at the end of 10 years of a principle amount of $16000 is deposited in an account at an annual interest rate of 6% and the interest is compounded monthly. the amount in 10 years will be what?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter9: Sequences, Probability And Counting Theory
Section9.4: Series And Their Notations
Problem 56SE: To get the best loan rates available, the Riches want to save enough money to place 20% down on a...
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Determine the value of an account at the end of 10 years of a principle amount of $16000 is deposited in an account at an annual interest rate of 6% and the interest is compounded monthly.

the amount in 10 years will be what?

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