Question: If P dollars is deposited in a bank that compounds interest n times a year, the value of the account after t years is found

If P dollars is deposited in a bank that compounds interest n times a year, the value of the account after t years is found by evaluating P(1 + i/n)^nt, where i is the annual interest rate. Find the value of an account for which P = $1000, i = 2%, n = 2, and t = 3 years (values are exact).

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