Algebra-1

Question Analysis
This question assesses the student's ability to use the compound interest formula to find the final amount after a specified period with monthly compounding.

Key Concept Explanation
The key concept is the application of the compound interest formula , where 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 values: , , , .
2. Substitute these values into the formula:

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