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Popular Word Problems >

Carl placed 3600 in a savings account which compounds interest annually at a rate of 1.5%. How much will he have in the account after 6 years?

Solution

C a r l pl a ce d 3600 in a s a v in g s a cco u n t w hi c h co m p o u n d s in t eres t ann u a ll y a t a r a t e o f 1.5%. Ho w m u c h w i ll h e ha v e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 3936.4

Solution steps

Translate the problem into an equation:

A = 3600 (1 + \frac{0.015}{1})^{1 \cdot 6}

3600 (1 + \frac{0.015}{1})^{1 \cdot 6} = 3936.39575 \dots

Round to the nearest hundredth:

3936.4

Amount : 3936.4

Popular Examples

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