What is the future value three years from now of $1000 invested in an account with a stated annual interest rate of 8%, if compounded monthly? Round off your final answer to three digits after the decimal point
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8% compounded monthly=.08/12=0.006666667/month
=0.6666667%
FV=1000(1+.00666666667)^36 (12 months x 3 years)
=1000(1.2702370)
=$1,270.237
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