You are going to deposit $4,200 in an account that pays .48 percent monthly interest. How much will you have in 5 years?...

Question

Question

You are going to deposit $4,200 in an account that pays .48 percent monthly interest. How much will you have in 5 years?

Note : The given interest rate (.48 percent) is monthly interest rate, not the usual given annual interest rate compounded monthly.

Multiple Choice

Answer 1

Answer #1

Deposited tuhich pays 0.487 per month $41200 Amount in th accoont will be after 5 years2 5&12months $4200 CI+0.48/) 50 4200 (

Answer 2

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