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Omar deposits $1000 into his savings account, at an annual rate r of 3% compounded n times per t years. The bank uses the following formula to compute the amount accrued. Which of the following is Omar's accrued amount at 3% interest rate compounded monthly for 1 year?

Guest Mar 2, 2017
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FV = PV[1 + R]^N

FV =1,000[1 + 0.03/12]^12

FV =1,000[1.0025]^12

FV =1,000 x 1.03042....

FV =$1,030.42 Principal + Interest @ 3% compounded monthly for 1 year.

Guest Mar 2, 2017

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