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Popular Word Problems >

calculate how much interest you would earn on a deposit of 8500 at 2.75% compounded annually, for a term of 4 years

Solution

c a l c u l a t e h o w m u c h in t eres t yo u w o u l d e a r n o n a d e p os i t o f 8500 a t 2.75% co m p o u n d e d ann u a ll y, f or a t er m o f 4 ye a rs

Solution

Interest : 974.28

Solution steps

Translate the problem into an equation:

9474.28070 \dots = 8500 + I

Solve for

I, 9474.28070 \dots = 8500 + I : I = 974.28

Interest : 974.28

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