Solve the problem.Find the amount in a savings account at the end of 3 years if the amount originally deposited is $5000 and the interest rate is 5% compounded monthly.Use: A = P
ntwhere:A = final amountP = $5000 (the initial deposit)r = 5% = 0.05 (the annual rate of interest)n = 12 (the number of times interest is compounded each year)t = 3 (the duration of the deposit in years)
A. $5807.36
B. $5062.76
C. $180,750.00
D. $6388.10
Answer: A
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A.
B.
C.
D.
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A. a is a constant; b is a variable. B. a is a variable; b is a variable. C. a is a constant; b is a constant. D. a is a variable; b is a constant.
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