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Beliebt Word Problems >

Micah invests 5,280 in an account that earns 4.2% interest, compounded monthly. What is the value of the account after 8 years?

Lösung

M i c ah in v es t s 5, 280 in an a cco u n t t ha t e a r n s 4.2% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e v a l u e o f t h e a cco u n t a f t er 8 ye a rs ?

Lösung

Amount : 7384.18

Schritte zur Lösung

Translate the problem into an equation:

A = 5280 (1 + \frac{0.042}{12})^{12 \cdot 8}

5280 (1 + \frac{0.042}{12})^{12 \cdot 8} = 7384.17698 \dots

Round to the nearest hundredth:

7384.18

Amount : 7384.18

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