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Popular Word Problems >

You invest 5,000 into the account at a 4% interest rate compounded monthly. How much money will you have after 7 years?

Solution

Y o u in v es t 5, 000 in t o t h e a cco u n t a t a 4% in t eres t r a t e co m p o u n d e d m o n t h l y . Ho w m u c h m o n ey w i ll yo u ha v e a f t er 7 ye a rs ?

Solution

Amount : 6612.57

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 7}

5000 (1 + \frac{0.04}{12})^{12 \cdot 7} = 6612.56931 \dots

Round to the nearest hundredth:

6612.57

Amount : 6612.57

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