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Popular Word Problems >

Rob has 7, 869 in an account that earns 13% interest compounded annually. To the nearest cent, how much will he have in 5 years?

Solution

R o b ha s 7, 869 in an a cco u n t t ha t e a r n s 13% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 5 ye a rs ?

Solution

Amount : 14498.12

Solution steps

Translate the problem into an equation:

A = 7869 (1 + \frac{0.13}{1})^{1 \cdot 5}

7869 (1 + \frac{0.13}{1})^{1 \cdot 5} = 14498.12242 \dots

Round to the nearest hundredth:

14498.12

Amount : 14498.12

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