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Popular Word Problems >

You deposit 10000 in an account earning 7% interest compounded monthly. How much will you have in the account in .25 years?

Solution

Y o u d e p os i t 10000 in an a cco u n t e a r nin g 7% 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 .25 ye a rs ?

Solution

Amount : 57254.18

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{12})^{12 \cdot 25}

10000 (1 + \frac{0.07}{12})^{12 \cdot 25} = 57254.18209 \dots

Round to the nearest hundredth:

57254.18

Amount : 57254.18

Popular Examples

The area of a square is 90 square meters. Which best represents the length of a side of the square?Angela deposits 4500 into an account with an APR of 3.3% for 8 years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.The difference between five and twice a number, x, is one.the difference between seven and the product of five and a number is thirty-seven 60 is 25% of what number