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Popular Word Problems >

You deposit 16000 in an account earning 9% interest compounded monthly. How much will you have in the account in 1 years?

Solution

Y o u d e p os i t 16000 in an a cco u n t e a r nin g 9% 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 yo u ha v e in t h e a cco u n t in 1 ye a rs ?

Solution

Amount : 17500.91

Solution steps

Translate the problem into an equation:

A = 16000 (1 + \frac{0.09}{12})^{12 \cdot 1}

16000 (1 + \frac{0.09}{12})^{12 \cdot 1} = 17500.91036 \dots

Round to the nearest hundredth:

17500.91

Amount : 17500.91

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