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Popular Word Problems >

Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. r=2.29%, compounded monthly

Solution

U se t h e g i v e n in f or ma t i o n t o f in d t h e am o u n t A in t h e a cco u n t e a r nin g co m p o u n d in t eres t a f t er 6 ye a rs w h e n t h e p r in c i p a l i s 3500. r = 2.29%, co m p o u n d e d m o n t h l y

Solution

Interest : 448.93

Solution steps

Translate the problem into an equation:

3500 = \frac{3500 \cdot 1 2 ^{72}}{12.022 9 ^{72}} + I

Solve for

I, 3500 = \frac{3500 \cdot 1 2 ^{72}}{12.022 9 ^{72}} + I : I = 448.93

Interest : 448.93

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