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Popular Word Problems >

Nancy is investing 27,000 in an account paying 7.25% interest compounded weekly.What will Nancy's account balance be in 24 years?

Solution

N an cy i s in v es t in g 27, 000 in an a cco u n t p a y in g 7.25% in t eres t co m p o u n d e d w ee k l y . Wha t w i ll N an c y^{'} s a cco u n t ba l an ce b e in 24 ye a rs ?

Solution

Amount : 153641.97

Solution steps

Translate the problem into an equation:

A = 27000 (1 + \frac{0.0725}{52})^{52 \cdot 24}

27000 (1 + \frac{0.0725}{52})^{52 \cdot 24} = 153641.96783 \dots

Round to the nearest hundredth:

153641.97

Amount : 153641.97

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