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You deposit 8000 in an account earning 7.2% interest compounded monthly. How much will you have in the account in 1 year?

Solución

You deposit 8000 in an account earning 7.2% interest compounded monthly. How much will you have in the account in 1 year?

Solución

Amount : 8595.39

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.072}{12})^{12 \cdot 1}

8000 (1 + \frac{0.072}{12})^{12 \cdot 1} = 8595.39334 \dots

Round to the nearest hundredth:

8595.39

Amount : 8595.39

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