Question: Formula way - please spell out the formula you use, then plug in values in the formula, then give the final calculation result. Example: FV=

Formula way - please spell out the formula you use, then plug in values in the formula, then give the final calculation result.

Example: FV= PV*(1+r)^t = 100 *(1+5%)^3 = 115.76

A customer deposits $2500 today into a bank account. The bank offers 6% interest rate with monthly compounding. What is the ending balance of the account in 20 years?

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