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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.\$9000 at 1.16% compounded daily for one year.

Solution

T h e f o ll o w in g m o n ey ma r k e t a cco u n t r a t es w ere a v ai l ab l e f ro m a p a r t i c u l a r bank . F in d t h e co m p o u n d am o u n t an d t h e in t eres t e a r n e d .$9000 a t 1.16% co m p o u n d e d d ai l y f or o n e ye a r .

Solution

Interest : 105.01

Solution steps

Translate the problem into an equation:

9105.01 = 9000 + I

Solve for

I, 9105.01 = 9000 + I : I = 105.01

Interest : 105.01

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