Watson Warner
01/08/2023 · Junior High School
11. [0/5.88 Points] DETAILS MY NOTES OSCOLALG2 6.R.005. A retirement account is opened with an initial deposit of \( \$ 6,500 \) and earns \( 7.12 \% \) interest compounded monthly. What will the account be worth in 45 years? (Round your answer to nearest.cent.). Refer to the general compound interest formula. When interest is compounded monthly, what is the value of \( n \) ? How is the interest rate expressed as a decimal?
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The account will be worth approximately $49,479.66 after 45 years.
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