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Beliebt Word Problems >

500, 000 into a bank account that pays you 6% annual rate compounded monthly. what is the amount after one year

Lösung

500, 000 in t o a bank a cco u n t t ha t p a ys yo u 6% ann u a l r a t e co m p o u n d e d m o n t h l y . w ha t i s t h e am o u n t a f t er o n e ye a r

Lösung

Amount : 530838.91

Schritte zur Lösung

Translate the problem into an equation:

A = 500000 (1 + \frac{0.06}{12})^{12 \cdot 1}

500000 (1 + \frac{0.06}{12})^{12 \cdot 1} = 530838.90593 \dots

Round to the nearest hundredth:

530838.91

Amount : 530838.91

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