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Popular Word Problems >

You deposit 60 in an investment account that earns 2.1% annual interest compounded annually.What is the balance of the account after 8 years?

Solution

Y o u d e p os i t 60 in an in v es t m e n t a cco u n t t ha t e a r n s 2.1% ann u a l in t eres t co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce o f t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 70.85

Solution steps

Translate the problem into an equation:

A = 60 (1 + \frac{0.021}{1})^{1 \cdot 8}

60 (1 + \frac{0.021}{1})^{1 \cdot 8} = 70.85282 \dots

Round to the nearest hundredth:

70.85

Amount : 70.85

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