Question: Use the formula for computing future value using compound interest to determine the value of an account at the end of 5 years if a

Use the formula for computing future value using compound interest to determine the value of an account at the end of 5 years if a principal amount of $11,000 is deposited in an account at an annual interest rate of 4% and the interest is compounded monthly.

What is the dollar amount after five years?

(Round to the nearest cent asneeded.)

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