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Popular Word Problems >

Tyler invested 1200 in an account that pays 6% compound interest. How much total money will he have after 9 years?

Solution

T y l er in v es t e d 1200 in an a cco u n t t ha t p a ys 6% co m p o u n d in t eres t . Ho w m u c h t o t a l m o n ey w i ll h e ha v e a f t er 9 ye a rs ?

Solution

Amount : 2027.37

Solution steps

Translate the problem into an equation:

A = 1200 (1 + \frac{0.06}{1})^{1 \cdot 9}

1200 (1 + \frac{0.06}{1})^{1 \cdot 9} = 2027.37475 \dots

Round to the nearest hundredth:

2027.37

Amount : 2027.37

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