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Popular Word Problems >

Suppose you deposit \$1500 in a savings account that pays interest at a annual rate of 6%. No money is added or withdrawn from the account. How much will be in the account after 5 years

Solution

S u pp ose yo u d e p os i t $1500 in a s a v in g s a cco u n t t ha t p a ys in t eres t a t a ann u a l r a t e o f 6%. N o m o n ey i s a dd e d or w i t h d r a w n f ro m t h e a cco u n t . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 5 ye a rs

Solution

Amount : 1950

Solution steps

Translate the problem into an equation:

A = 1500 (1 + 0.06 \cdot 5)

1500 (1 + 0.06 \cdot 5) = 1950

Amount : 1950

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