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When a particular amount of money P, called the principal, is invested at the interest rate r and is compounded n times a year,



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When a particular amount of money P, called the principal, is invested at the interest rate r and is compounded n times a year, the amount A accumulated after t years is nt A(t) = P(1 + ")". Determine the amount of money accumulated after 20 years if $3,000 is invested in an account that pays 11 % interest compounded yearly. Round to the nearest cent. $

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