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Popular Word Problems >

An agency deposits 2,000 in a compound interest account at 5% interest. How much money should the agency have after three years if it does not withdraw any money from the account?

Solution

implicit derivative

a g e n cy d e p os i t s 2, 000 in a co m p o u n d in t eres t a cco u n t a t 5% in t eres t . Ho w m u c h m o n ey s h o u l d t h e a g e n cy ha v e a f t er t h ree ye a rs i f i t d oes n o t w i t h d r a w an y m o n ey f ro m t h e a cco u n t ?

Solution

Amount : 2315.25

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.05}{1})^{1 \cdot 3}

2000 (1 + \frac{0.05}{1})^{1 \cdot 3} = 2315.25

Amount : 2315.25

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