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Beliebt Word Problems >

Aiden puts 4,131.00 into an account to use for school expenses. The account earns 2% interest, compounded monthly. How much will be in the account after 10 years?

Lösung

A i d e n p u t s 4, 131.00 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 2% 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 10 ye a rs ?

Lösung

Amount : 5044.77

Schritte zur Lösung

Translate the problem into an equation:

A = 4131 (1 + \frac{0.02}{12})^{12 \cdot 10}

4131 (1 + \frac{0.02}{12})^{12 \cdot 10} = 5044.77486 \dots

Round to the nearest hundredth:

5044.77

Amount : 5044.77

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