Algebra-1

Question Analysis
This question assesses the student's ability to apply the compound interest formula to a scenario with monthly compounding. It requires accurate substitution and calculation.

Key Concept Explanation
The compound interest formula is , where is the final amount, is the initial principal, is the annual interest rate, is the number of times interest is compounded per year, and is the time in years.

Step-by-step Solution
1. Identify the given values: , , , and .
2. Substitute these values into the compound interest formula:

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