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Popular >

You deposit 14000 in an account earning .5% interest compounded monthly. How much will you have in the account in 1/4 years?

Solución

You deposit 14000 in an account earning .5% interest compounded monthly. How much will you have in the account in \frac{1}{4} years?

Solución

Amount : 14175.73

Pasos de solución

Translate the problem into an equation:

A = 14000 (1 + \frac{0.05}{12})^{12 \cdot \frac{1}{4}}

14000 (1 + \frac{0.05}{12})^{12 \cdot \frac{1}{4}} = 14175.73017 \dots

Round to the nearest hundredth:

14175.73

Amount : 14175.73

Ejemplos populares

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