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Popular Word Problems >

You deposit 180 in an investment account that earns 4.9% annual interest compounded annually.What is the balance of the account after 5 years?

Solution

Y o u d e p os i t 180 in an in v es t m e n t a cco u n t t ha t e a r n s 4.9% ann u a l in t eres t co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce o f t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 228.64

Solution steps

Translate the problem into an equation:

A = 180 (1 + \frac{0.049}{1})^{1 \cdot 5}

180 (1 + \frac{0.049}{1})^{1 \cdot 5} = 228.63880 \dots

Round to the nearest hundredth:

228.64

Amount : 228.64

Popular Examples

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