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Popular Word Problems >

Ndiba invests 4,140 in a retirement account with a fixed annual interest rate of 3% compounded 12 times per year.What will the account balance be after 15 years?

Solution

N d iba in v es t s 4, 140 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 12 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 15 ye a rs ?

Solution

Amount : 6489.17

Solution steps

Translate the problem into an equation:

A = 4140 (1 + \frac{0.03}{12})^{12 \cdot 15}

4140 (1 + \frac{0.03}{12})^{12 \cdot 15} = 6489.16734 \dots

Round to the nearest hundredth:

6489.17

Amount : 6489.17

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