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Beliebt Word Problems >

suppose you have 590 to invest in an account that earns 1 percent per year compounded annually. How much money will you have after 11 years? round to the nearest penny

Lösung

s u pp ose yo u ha v e 590 t o in v es t in an a cco u n t t ha t e a r n s 1 p erce n t p er ye a r co m p o u n d e d ann u a ll y . Ho w m u c h m o n ey w i ll yo u ha v e a f t er 11 ye a rs ? ro u n d t o t h e n e a res t p e nn y

Lösung

Amount : 658.24

Schritte zur Lösung

Translate the problem into an equation:

A = 590 (1 + \frac{0.01}{1})^{1 \cdot 11}

590 (1 + \frac{0.01}{1})^{1 \cdot 11} = 658.24432 \dots

Round to the nearest hundredth:

658.24

Amount : 658.24

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