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OpenStudy (anonymous):
If $2000 is invested at 4% interest compounded monthly the value of the investment after t years is given by 2000(12.04/12) ^12t. What is the value of the investment after 3.5 years?
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OpenStudy (anonymous):
The answer is 2300.01 \[2000\left( \frac{ 12.04 }{ 12 } \right)^{12\times3.5} = 2300.01\]
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