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Popular Word Problems >

Philip opened a savings account and deposited 200.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?Round your answer to the nearest cent.

Solution

P hi l i p o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 200.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 9 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solution

Amount : 239.41

Solution steps

Translate the problem into an equation:

A = 200 (1 + \frac{0.02}{12})^{12 \cdot 9}

200 (1 + \frac{0.02}{12})^{12 \cdot 9} = 239.40759 \dots

Round to the nearest hundredth:

239.41

Amount : 239.41

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