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Popular Word Problems >

You deposit 24.00 in an account earning 6% interest compounded monthly. How much will you have in the account in 160 years?

Solution

Y o u d e p os i t 24.00 in an a cco u n t e a r nin g 6% 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 w i ll yo u ha v e in t h e a cco u n t in 160 ye a rs ?

Solution

Amount : 345979.06

Solution steps

Translate the problem into an equation:

A = 24 (1 + \frac{0.06}{12})^{12 \cdot 160}

24 (1 + \frac{0.06}{12})^{12 \cdot 160} = 345979.05984 \dots

Round to the nearest hundredth:

345979.06

Amount : 345979.06

Popular Examples

Craig has 4,427 in an account. The interest rate is 2% compounded annually.To the nearest cent, how much interest will he earn in 4 years?Determine the value of an investment of 2500 if it is invested at an interest rate of 5.25% compounded monthly for 4 years.You deposit 6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 10 years?twice a number decreased by 15 Monique wants to invest 4000 in a savings account that pays 3.4% annual interest compounded continuously. How long will it take her to have 4500 in her account? Round your answer to the nearest tenth of a year.