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Popular Word Problems >

The following money market account rates were available from a particular bank. Find the compound amount and the interest earned.\11,000 at 1.19% compounded daily for one year. The compound amount is

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Solution

Solution

Interest:131.68
Solution steps
Translate the problem into an equation:11131.68=11000+I
Solve for I,11131.68=11000+I:I=131.68
Interest:131.68

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