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Popular Word Problems >

Universal Credit Dublin offers a deposit account paying 9.75% per year. You deposit €24,500 in the account. After 13 years, how much money is in the account, assuming interest is compounded yearly.

Solution

U ni v ers a l C re d i t D u b l in o ff ers a d e p os i t a cco u n t p a y in g 9.75% p er ye a r . Y o u d e p os i t €24, 500 in t h e a cco u n t . A f t er 13 ye a rs, h o w m u c h m o n ey i s in t h e a cco u n t, a ss u min g in t eres t i s co m p o u n d e d ye a r l y .

Solution

Amount : 82115.47

Solution steps

Translate the problem into an equation:

A = 24500 (1 + \frac{0.0975}{1})^{1 \cdot 13}

24500 (1 + \frac{0.0975}{1})^{1 \cdot 13} = 82115.46570 \dots

Round to the nearest hundredth:

82115.47

Amount : 82115.47

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