Question: Example 6 . 1 . 3 : Calculating Future Value for Compound Interest Lilly deposits $ 1 2 , 0 0 0 into an account

Example 6.1.3: Calculating Future Value for Compound Interest
Lilly deposits $12,000 into an account with an annual interest rate of 1.05% compounded monthly. If she leaves the money in the account for 10 years, what will the future value be at the end of this time period? Round to the nearest cent.
Solution
Example 6.1.3: Calculating Future Value for Compound Interest Lilly deposits $12,000

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