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    bank balance based on the compounded interest

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    Global Trends in Consumer Savings
    With the impacts of the recession of 2009 and the ensuing slow recovery, many Americans are looking to place more discretionary money into savings plans and investments than into vacations and luxury items.

    If an individual saves S4S00 and elects to place the total dollar amount into a savings account, earning 2.75% APR compounded monthly, how much will the original deposit grow to in 11years?

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    Solution Summary

    The solution provides detailed explanation how to find out the bank balance based on the compounded interest.