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Popular Word Problems >

Suppose 17, 000.00 is invested in an account for 15 years. Calculate the total interest earned at the end of 15 years if the interest is 5% compounded monthly

Solution

S u pp ose 17, 000.00 i s in v es t e d in an a cco u n t f or 15 ye a rs . C a l c u l a t e t h e t o t a l in t eres t e a r n e d a t t h e e n d o f 15 ye a rs i f t h e in t eres t i s 5% co m p o u n d e d m o n t h l y

Solution

Interest : 18932.97

Solution steps

Translate the problem into an equation:

35932.96685 \dots = 17000 + I

Solve for

I, 35932.96685 \dots = 17000 + I : I = 18932.97

Interest : 18932.97

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