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Popular Word Problems >

You deposited 21000 into a savings account with a fixed annual interest rate of 8% compounded annually. What will the account balance be after 19 years?

Solution

Y o u d e p os i t e d 21000 in t o a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 8% co m p o u n d e d ann u a ll y . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 19 ye a rs ?

Solution

Amount : 90629.72

Solution steps

Translate the problem into an equation:

A = 21000 (1 + \frac{0.08}{1})^{1 \cdot 19}

21000 (1 + \frac{0.08}{1})^{1 \cdot 19} = 90629.72224 \dots

Round to the nearest hundredth:

90629.72

Amount : 90629.72

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