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Populaire Word Problems >

Emir puts 8,000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 9 years?

Solution

E mi r p u t s 8, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 8% 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 b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 16396.24

étapes des solutions

Translate the problem into an equation:

A = 8000 (1 + \frac{0.08}{12})^{12 \cdot 9}

8000 (1 + \frac{0.08}{12})^{12 \cdot 9} = 16396.24188 \dots

Arrondir à hundredth la plus proche:

16396.24

Amount : 16396.24

Exemples populaires

The selling price of a refrigerator, is 704.40. If the markup is 20 % of the dealer's cost, what is the dealer's cost of the refrigerator?five times a number increased by ten Rosanne is saving up money to buy a car. Rosanne puts 10,000.00 into an account which earns 2% interest, compounded annually. How much will she have in the account after 3 years?how long does it take a principal of 25 000 pesos at a simple interest rate of 5 percent to become 30 000 pesos A principal of 6400 is deposited at 5% for 9 years. What will be the compound amount at the compound interest if the interest is compounded? a. Annually b. Semi-annually c. Quarterly d. Monthly