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Popular Word Problems >

7000 are invested in a bank account at an interest rate of 4 percent per year.Find the amount in the bank after 9 years if interest is compounded monthly

Solution

7000 a re in v es t e d in a bank a cco u n t a t an in t eres t r a t e o f 4 p erce n t p er ye a r . F in d t h e am o u n t in t h e bank a f t er 9 ye a rs i f in t eres t i s co m p o u n d e d m o n t h l y

Solution

Amount : 10027.3

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{12})^{12 \cdot 9}

7000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 10027.30106 \dots

Round to the nearest hundredth:

10027.3

Amount : 10027.3

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