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Popular Word Problems >

To start a new business Beth deposits 2000 at the end of each period in an account that pays 9%, compounded monthly. How much will she have at the end of 9 years?

Solution

T o s t a r t a n e w b u s in ess B e t h d e p os i t s ​2000 a t t h e e n d o f e a c h p er i o d in an a cco u n t t ha t p a ys 9​%, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll s h e ha v e a t t h e e n d o f 9 ​ ye a rs ?

Solution

Amount : 4482.25

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.09}{12})^{12 \cdot 9}

2000 (1 + \frac{0.09}{12})^{12 \cdot 9} = 4482.24834 \dots

Round to the nearest hundredth:

4482.25

Amount : 4482.25

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