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Beliebt Word Problems >

Suppose 30,000 is deposited into an account paying 3.5% interest, compounded annually. How much money is in the account after ten years if no withdrawals or additional deposits are made?

Lösung

S u pp ose 30, 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 3.5% 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 t e n 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 : 42317.96

Schritte zur Lösung

Translate the problem into an equation:

A = 30000 (1 + \frac{0.035}{1})^{1 \cdot 10}

30000 (1 + \frac{0.035}{1})^{1 \cdot 10} = 42317.96281 \dots

Round to the nearest hundredth:

42317.96

Amount : 42317.96

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