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Using compound interest, it is found that $20,581.36 will be in the account in 5 years.
The amount of money earned, in compound interest, after t years, is given by:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
In which:
In this problem:
Then:
[tex]A(t) = P\left(1 + \frac{r}{n}\right)^{nt}[/tex]
[tex]A(5) = 19000\left(1 + \frac{0.016}{12}\right)^{12(5)}[/tex]
[tex]A(5) = 20581.36[/tex]
$20,581.36 will be in the account in 5 years.
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