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Beliebt Word Problems >

Siobhan deposits 1200 into a savings account that pays 5.2% annual interest compounded monthly. What will be the balance after 4 years? Round to the nearest cent.

Lösung

S i o bhan d e p os i t s 1200 in t o a s a v in g s a cco u n t t ha t p a ys 5.2% ann u a l in t eres t co m p o u n d e d m o n t h l y . Wha t w i ll b e t h e ba l an ce a f t er 4 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Lösung

Amount : 1476.79

Schritte zur Lösung

Translate the problem into an equation:

A = 1200 (1 + \frac{0.052}{12})^{12 \cdot 4}

1200 (1 + \frac{0.052}{12})^{12 \cdot 4} = 1476.79202 \dots

Round to the nearest hundredth:

1476.79

Amount : 1476.79

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