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Tyler invested 1200 in an account that pays 6% compound interest. How much total money will he have after 9 years?

Solución

Tyler invested 1200 in an account that pays 6% compound interest. How much total money will he have after 9 years?

Solución

Amount : 2027.37

Pasos de solución

Translate the problem into an equation:

A = 1200 (1 + \frac{0.06}{1})^{1 \cdot 9}

1200 (1 + \frac{0.06}{1})^{1 \cdot 9} = 2027.37475 \dots

Round to the nearest hundredth:

2027.37

Amount : 2027.37

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