Algebra-1

1. Use the compound interest formula for monthly compounding:

The formula is , where:

 is the final amount.

 is the principal amount ().

 is the annual interest rate in decimal form ().

 is the number of times interest is compounded per year ( for monthly compounding).

 is the number of years ().

2. Substitute the values into the formula:

First, calculate the value inside the parentheses:

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