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פּוֹפּוּלָרִי Word Problems >

If 41,500 is deposited in an account at 1.4% annual interest, compounded monthly, how much money will be in the account after 11 years?

פתרון

I f 41, 500 i s d e p os i t e d in an a cco u n t a t 1.4% ann u a l in t eres t, co m p o u n d e d m o n t h l y, h o w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 11 ye a rs ?

פתרון

Amount : 48405.03

צעדי פתרון

Translate the problem into an equation:

A = 41500 (1 + \frac{0.014}{12})^{12 \cdot 11}

41500 (1 + \frac{0.014}{12})^{12 \cdot 11} = 48405.02660 \dots

Round to the nearest hundredth:

48405.03

Amount : 48405.03

דוגמאות פופולריות

You deposit 550 in an account that pays 5% annual interest. What is the balance after 3 years if the interest is compounded monthly?Jasmine deposited 700 in an account earning 9% interest compounded annually.To the nearest cent, how much will she have in 1 year?How many years will it take for an initial investment of 10,000 to grow to 25,000 at an interest rate of 6% compounded continuously?You deposit 5000 in an account earning 2% interest compounded continuously. How much will you have in the account in 15 years?Suppose 7500 is invested at 5% compounded continuously. Approximately how many years will it take for the amount to grow to 16,700?