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Popular Word Problems >

Martin has 3,582 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

M a r t in ha s 3, 582 in an a cco u n t t ha t e a r n s 5% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 1 ye a r ?

Solution

Amount : 3761.1

Solution steps

Translate the problem into an equation:

A = 3582 (1 + \frac{0.05}{1})^{1 \cdot 1}

3582 (1 + \frac{0.05}{1})^{1 \cdot 1} = 3761.1

Amount : 3761.1

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