7000 are invested in a bank account at an interest rate of 4 percent per year.Find the amount in the bank after 9 years if interest is compounded monthly

Solution

Solution

Amount : 10027.3

étapes des solutions

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{12})^{12 \cdot 9}

7000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 10027.30106 \dots

Arrondir à hundredth la plus proche:

10027.3

Amount : 10027.3

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