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How much money will be in an account earning 3 . 2 % interest compounding monthly for 4 years with an initial deposit of $

How much money will be in an account earning 3.2% interest compounding monthly for 4 years with an initial deposit of $1500?
In this problem, which uses the formula
A=P(1+rm)n
3.2 would be plugged in for r
True
False
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