Edmond puts $300.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 5 years?
Use the formula A = P(1 + r/n)ⁿᵗ where A is the balance (final amount), P is the principal (starting amount), r is the interest rate expressed as a decimal, n is the number of times per year that the interest is compounded, and t is the time in years.
Round your answer to the nearest cent.
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