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Beliebt Word Problems >

Suppose 20,000 is deposited into an account paying 4.5% interest, compounded annually. How much money is in the account after four years if no withdrawals or additional deposits are made?

Lösung

S u pp ose 20, 000 i s d e p os i t e d in t o an a cco u n t p a y in g 4.5% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h m o n ey i s in t h e a cco u n t a f t er f o u r ye a rs i f n o w i t h d r a w a l s or a dd i t i o na l d e p os i t s a re ma d e ?

Lösung

Amount : 23850.37

Schritte zur Lösung

Translate the problem into an equation:

A = 20000 (1 + \frac{0.045}{1})^{1 \cdot 4}

20000 (1 + \frac{0.045}{1})^{1 \cdot 4} = 23850.37201 \dots

Round to the nearest hundredth:

23850.37

Amount : 23850.37

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