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Beliebt Word Problems >

Jayden invested 65,000 in an account paying an interest rate of 2.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 7 years?

Lösung

J a y d e n in v es t e d 65, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 2.1% co m p o u n d e d q u a r t er l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 7 ye a rs ?

Lösung

Amount : 75264.06

Schritte zur Lösung

Translate the problem into an equation:

A = 65000 (1 + \frac{0.021}{4})^{4 \cdot 7}

65000 (1 + \frac{0.021}{4})^{4 \cdot 7} = 75264.06076 \dots

Round to the nearest hundredth:

75264.06

Amount : 75264.06

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