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Popular Word Problems >

Maggie has 30 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much will she have in 1 year?

Solution

M a gg i e ha s 30 in an a cco u n t . T h e in t eres t r a t e i s 10% co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll s h e ha v e in 1 ye a r ?

Solution

Amount : 33

Solution steps

Translate the problem into an equation:

A = 30 (1 + \frac{0.1}{1})^{1 \cdot 1}

30 (1 + \frac{0.1}{1})^{1 \cdot 1} = 33

Amount : 33

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