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شائع Word Problems >

If 75 is invested at an interest rate of 8% per year and is compounded monthly, how much will the investment be worth in 15 years?

الحلّ

I f 75 i s in v es t e d a t an in t eres t r a t e o f 8% p er ye a r an d i s co m p o u n d e d m o n t h l y, h o w m u c h w i ll t h e in v es t m e n t b e w or t h in 15 ye a rs ?

الحلّ

Amount : 248.02

خطوات الحلّ

Translate the problem into an equation:

A = 75 (1 + \frac{0.08}{12})^{12 \cdot 15}

75 (1 + \frac{0.08}{12})^{12 \cdot 15} = 248.01911 \dots

Round to the nearest hundredth:

248.02

Amount : 248.02

أمثلة شائعة

A square family room has sides that are 10 meters long. What is the family room's area?Jackson inherited some money from his grandfather and put it in a bank account that earns 10% interest compounded annually. After 8 years, Jackson had 1,000.00 in the bank account. How much interest did he earn?Kevin is 2 times as old as Gabriela. 12 years ago, Kevin was 6 times as old as Gabriela.the sum of 12 and one third of a number is 15 You deposit 170 in an investment account that earns 6% annual interest compounded annually.What is the balance of the account after 8 years?