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Popular Word Problems >

You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 5 years?

Solution

Y o u d e p os i t 5000 in an a cco u n t e a r nin g 8% in t eres t 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 yo u ha v e in t h e a cco u n t in 5 ye a rs ?

Solution

Amount : 7449.23

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 5}

5000 (1 + \frac{0.08}{12})^{12 \cdot 5} = 7449.22854 \dots

Round to the nearest hundredth:

7449.23

Amount : 7449.23

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