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Popular Word Problems >

If 41,500 is deposited in an account at 1.4% annual interest, compounded monthly, how much money will be in the account after 11 years?

Solution

I f 41, 500 i s d e p os i t e d in an a cco u n t a t 1.4% ann u a l in t eres t, co m p o u n d e d m o n t h l y, h o w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 11 ye a rs ?

Solution

Amount : 48405.03

Solution steps

Translate the problem into an equation:

A = 41500 (1 + \frac{0.014}{12})^{12 \cdot 11}

41500 (1 + \frac{0.014}{12})^{12 \cdot 11} = 48405.02660 \dots

Round to the nearest hundredth:

48405.03

Amount : 48405.03

Popular Examples

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