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Popular Word Problems >

Ankit deposits 800 in an account that earns 6% yearly interest compounded monthly. How much will the account be worth after 2 years, assuming that Ankit does not withdraw any money from the account?

Solution

A nki t d e p os i t s 800 in an a cco u n t t ha t e a r n s 6% ye a r l y 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 t h e a cco u n t b e w or t h a f t er 2 ye a rs, a ss u min g t ha t A nki t d oes n o t w i t h d r a w an y m o n ey f ro m t h e a cco u n t ?

Solution

Amount : 901.73

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.06}{12})^{12 \cdot 2}

800 (1 + \frac{0.06}{12})^{12 \cdot 2} = 901.72782 \dots

Round to the nearest hundredth:

901.73

Amount : 901.73

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