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Joan invested $5,000 in an interest-bearing account earning an 8% annual rate of interest compounded monthly. How much will the account be worth at the
Joan invested $5,000 in an interest-bearing account earning an 8% annual rate of interest compounded monthly. How much will the account be worth at the end of 5 years, assuming all interest is reinvested at the 8% rate? For example: What is the monthly payment for a 30 year mortgage of $100,000 at 6% annual rate? Recommended answer should be like this: n = 360, i = 0.5, PV = 100,000, FV = 0 therefore PMT = 599.55 Offering $599.55 as your final answer is NOT enough; please show the input for your answers.
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