A7,500.00 principal earns 4% annual interest, coumpound monthly. after 18 years, what is the balance in the account?

The value of the account would be $15,389.81.

The formula for compound interest is:
,
where p is the amount of principal, r is the rate expressed as a decimal number, n is the number of times the interest is compounded per year, and t is the number of years.  

Our interest rate is 4%=4/100 = 0.04.

Substituting our information we have:

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