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Popolare Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3 comma 870, requals5.5%, tequals16 years; compounded monthly

Soluzione

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​3 co mma 870​, re q u a l s 5.5​%, t e q u a l s 16 ​ ye a rs; co m p o u n d e d m o n t h l y

Soluzione

Amount : 2093.27

Fasi della soluzione

Translate the problem into an equation:

A = 870 (1 + \frac{0.055}{12})^{12 \cdot 16}

870 (1 + \frac{0.055}{12})^{12 \cdot 16} = 2093.26993 \dots

Arrotondare all' hundredth più vicino:

2093.27

Amount : 2093.27

Esempi popolari

my dog is like 20 years old, how old is my cat 5.09 rounded to the nearest number The diametro of a circle is 3 feet. What is the area?Julie buys a washing machine. 20% VAT was added to the price of the washing machine.Jules then has to pay a total of 600 pounds. what is the price of the washing machine with no VAT added?the product of a number and-3, increased by 8, is 20