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You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 30 years?

Solución

You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 30 years?

Solución

Amount : 54678.65

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 30}

5000 (1 + \frac{0.08}{12})^{12 \cdot 30} = 54678.64828 \dots

Round to the nearest hundredth:

54678.65

Amount : 54678.65

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