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Popular Word Problems >

Grace invested 5,200 in an account paying an interest rate of 4.6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years?

Solution

G r a ce in v es t e d 5, 200 in an a cco u n t p a y in g an in t eres t r a t e o f 4.6% co m p o u n d e d d ai l 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 d o ll a r, w o u l d b e in t h e a cco u n t a f t er 11 ye a rs ?

Solution

Amount : 8624.67

Solution steps

Translate the problem into an equation:

A = 5200 (1 + \frac{0.046}{365})^{365 \cdot 11}

5200 (1 + \frac{0.046}{365})^{365 \cdot 11} = 8624.67036 \dots

Round to the nearest hundredth:

8624.67

Amount : 8624.67

Popular Examples

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