QUESTION 6
Solve the problem. Round your answer to the nearest cent.
Brad invests \( \$ 5700 \) in an account paying \( 10 \% \) compounded monthly. How much is in the account after 15 months?
\( \$ 6421.19 \)
\( \$ 5759.44 \)
\( \$ 6455.60 \)
\( \$ 23,810.31 \)
Answer
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Answer
A = \$ 6455.60
Steps
Step 1 ：A = P(1 + \frac{r}{n})^{nt}
Step 2 ：A = 5700(1 + \frac{0.1}{12})^{12*{15}/{12}}
Step 3 ：A = \$ 6455.60
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