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Popular Word Problems >

A 9300 investment earns interest at 4.4% p.a. compounded monthly over 14 years. Use the compound interest formula to calculate the value of this investment to the nearest cent.

Solution

A 9300 in v es t m e n t e a r n s in t eres t a t 4.4% p . a . co m p o u n d e d m o n t h l y o v er 14 ye a rs . U se t h e co m p o u n d in t eres t f or m u l a t o c a l c u l a t e t h e v a l u e o f t hi s in v es t m e n t t o t h e n e a res t ce n t .

Solution

Amount : 17199.63

Solution steps

Translate the problem into an equation:

A = 9300 (1 + \frac{0.044}{12})^{12 \cdot 14}

9300 (1 + \frac{0.044}{12})^{12 \cdot 14} = 17199.62910 \dots

Round to the nearest hundredth:

17199.63

Amount : 17199.63

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