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Popular Word Problems >

I deposit 50,000 into a CD that earns 5% interest compounded monthly. How much interest will I earn in 5 years?

Solution

I d e p os i t 50, 000 in t o a C D t ha t e a r n s 5% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll I e a r n in 5 ye a rs ?

Solution

Interest : 14167.93

Solution steps

Translate the problem into an equation:

64167.93392 \dots = 50000 + I

Solve for

I, 64167.93392 \dots = 50000 + I : I = 14167.93

Interest : 14167.93

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