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You are given $100 for your birthday. You put the $100 in a savings account that pays an interest rate of 2.4% compounded monthly. If you leave your money for a year, how much will you have?

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Each month the new total you be
initial amount * 1.024

Repeating the process for a year (=12 months) you get
initial amount * 1.024^12

Being initial amount = $100

100*1.024^12 = $132.92

After 1 year you will have $132.92

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