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The amount of money Camden would have in his account after 12 years is equal to $2,374.3.
To calculate how much money Camden would have in his account after 12 years, we would use the formula for compound interest.
Mathematically, compound interest is given by this formula:
[tex]A=P(1+r)^t[/tex]
Where:
Given the following data:
Principal = $1400.
Interest rate = 4.5% = 0.045.
Time = 12 year.
Substituting the given parameters into the formula, we have;
[tex]A=1400(1+0.045)^{12}\\\\A=1400(1.6959)[/tex]
A = $2,374.3.
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