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Popular Word Problems >

You deposit 170 in an investment account that earns 6% annual interest compounded annually.What is the balance of the account after 8 years?

Solution

Y o u d e p os i t 170 in an in v es t m e n t a cco u n t t ha t e a r n s 6% 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 8 ye a rs ?

Solution

Amount : 270.95

Solution steps

Translate the problem into an equation:

A = 170 (1 + \frac{0.06}{1})^{1 \cdot 8}

170 (1 + \frac{0.06}{1})^{1 \cdot 8} = 270.95417 \dots

Round to the nearest hundredth:

270.95

Amount : 270.95

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