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Popolare Word Problems >

Serenity invested 16,000 in an account paying an interest rate of 4.5% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?

Soluzione

S ere ni t y in v es t e d 16, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 4.5% co m p o u n d e d ann u a ll y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t h u n d re d d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 9 ye a rs ?

Soluzione

Amount : 23777.52

Fasi della soluzione

Translate the problem into an equation:

A = 16000 (1 + \frac{0.045}{1})^{1 \cdot 9}

16000 (1 + \frac{0.045}{1})^{1 \cdot 9} = 23777.52224 \dots

Arrotondare all' hundredth più vicino:

23777.52

Amount : 23777.52

Esempi popolari

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