Taylor Larson is paid on the first day of the month and $80 is automatically deducted from her pay and deposited in a savings account. If the account pays 2.5% interest compounded monthly, how much will be in the account after 3 years and 9 months? $3777.89
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Expert's answer
2020-04-14T15:07:28-0400
1."S=P(1+i\\times n)=80(1+0.025)=82" in month
2."82\\times45=3690" for 45 months
3."80\\times(1+\\frac{0.025}{12})^{45}=87.85" for 45 months
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