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Beliebt Word Problems >

Kamal puts 2,253.00 into an account to use for school expenses. The account earns 8% interest, compounded annually. How much will be in the account after 9 years?

Lösung

K ama l p u t s 2, 253.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 9 ye a rs ?

Lösung

Amount : 4503.76

Schritte zur Lösung

Translate the problem into an equation:

A = 2253 (1 + \frac{0.08}{1})^{1 \cdot 9}

2253 (1 + \frac{0.08}{1})^{1 \cdot 9} = 4503.75742 \dots

Round to the nearest hundredth:

4503.76

Amount : 4503.76

Beliebte Beispiele

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