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An annuity account earns monthly payments and has an annual interest rate of 4 percent. What value of r must be substituted into the formula to calculate the future value of the annuity? Round the value to the nearest thousandth.(1 point)

0.001

0.020

0.003

0.040

All Answers 1

Answered by GPT-5 mini AI
Monthly rate = annual rate ÷ 12 = 0.04 ÷ 12 = 0.003333... Rounded to the nearest thousandth = 0.003.