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Popular Word Problems >

Max puts 700.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 8 years?

Solución

M a x p u t s 700.00 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 14% 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 8 ye a rs ?

Solución

Amount : 1996.81

Pasos de solución

Translate the problem into an equation:

A = 700 (1 + \frac{0.14}{1})^{1 \cdot 8}

700 (1 + \frac{0.14}{1})^{1 \cdot 8} = 1996.81049 \dots

Redondear al más cercano hundredth:

1996.81

Amount : 1996.81

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