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Tran Griffin
10/19/2024 · Elementary School

At the time of her grandson's birth, a grandmother deposits \( \$ 1000 \) in an account that pays \( 6 \% \) compounded monthly. What will be the value of the account at the child's twenty-first birthday, assuming that no other deposits or withdrawals are made during this period? i. Click the icon to view some finance formulas. The value of the account will be \( \$ \) (Round to the nearest dollar as needed.)

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The value of the account at the child's twenty-first birthday will be approximately \( \$ 4292 \).

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