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Beliebt Word Problems >

Suppose your friend's parents invest 10, 000 in an account paying 7% compounded annually. What will the balance be after 6 years?

Lösung

S u pp ose yo u r f r i e n d^{'} s p a re n t s in v es t 10, 000 in an a cco u n t p a y in g 7% co m p o u n d e d ann u a ll y . Wha t w i ll t h e ba l an ce b e a f t er 6 ye a rs ?

Lösung

Amount : 15007.3

Schritte zur Lösung

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{1})^{1 \cdot 6}

10000 (1 + \frac{0.07}{1})^{1 \cdot 6} = 15007.30351 \dots

Round to the nearest hundredth:

15007.3

Amount : 15007.3

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