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Beliebt Word Problems >

Allie puts 7,982.00 into an account to use for school expenses. The account earns 11.86% interest, compounded monthly. How much will be in the account after 7 years?

Lösung

A ll i e p u t s 7, 982.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 11.86% 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 b e in t h e a cco u n t a f t er 7 ye a rs ?

Lösung

Amount : 18234.46

Schritte zur Lösung

Translate the problem into an equation:

A = 7982 (1 + \frac{0.1186}{12})^{12 \cdot 7}

7982 (1 + \frac{0.1186}{12})^{12 \cdot 7} = 18234.46104 \dots

Round to the nearest hundredth:

18234.46

Amount : 18234.46

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