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Popular Word Problems >

if 850 are deposited into an account with 6% interest rate, compounded monthly, what is the balance after 7 years

Solution

i f 850 a re d e p os i t e d in t o an a cco u n t w i t h 6% in t eres t r a t e, co m p o u n d e d m o n t h l y, w ha t i s t h e ba l an ce a f t er 7 ye a rs

Solution

Amount : 1292.31

Solution steps

Translate the problem into an equation:

A = 850 (1 + \frac{0.06}{12})^{12 \cdot 7}

850 (1 + \frac{0.06}{12})^{12 \cdot 7} = 1292.31419 \dots

Round to the nearest hundredth:

1292.31

Amount : 1292.31

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