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Popular Word Problems >

Caleb puts 500.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 6 years?

Solución

C a l e b p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 6 ye a rs ?

Solución

Amount : 806.75

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{12})^{12 \cdot 6}

500 (1 + \frac{0.08}{12})^{12 \cdot 6} = 806.75108 \dots

Redondear al más cercano hundredth:

806.75

Amount : 806.75

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