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Popular Word Problems >

You deposit 14000 in an account earning .5% interest compounded monthly. How much will you have in the account in 1/4 years?

Solution

Y o u d e p os i t 14000 in an a cco u n t e a r nin g .5% 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 \frac{1}{4} ye a rs ?

Solution

Amount : 14175.73

Solution steps

Translate the problem into an equation:

A = 14000 (1 + \frac{0.05}{12})^{12 \cdot \frac{1}{4}}

14000 (1 + \frac{0.05}{12})^{12 \cdot \frac{1}{4}} = 14175.73017 \dots

Round to the nearest hundredth:

14175.73

Amount : 14175.73

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