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To upgrade your stand you will need $3000. You currently have $2500. If you invest your money today At 6.5% compounded monthly, will you have enough money In 3 years to be able to purchase a new stand?? Explain.
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- Elizabeth MLv 78 years ago
The increase monthly is (6.5/12)% so after 36 months the $2500 becomes
$2500(1+6.5/1200)^36
=$3036.68
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