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Popular Word Problems >

Jack is planning to invest 65 000 at 4.8% p.a. for 7 years with interest compounded monthly. Calculate the compound interest earned on Jack’s investment.

Solution

J a c k i s pl annin g t o in v es t 65000 a t 4.8% p . a . f or 7 ye a rs w i t h in t eres t co m p o u n d e d m o n t h l y . C a l c u l a t e t h e co m p o u n d in t eres t e a r n e d o n J a c k ’ s in v es t m e n t .

Solution

Interest : 25896.1

Solution steps

Translate the problem into an equation:

90896.09641 \dots = 65000 + I

Solve for

I, 90896.09641 \dots = 65000 + I : I = 25896.1

Interest : 25896.1

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