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Beliebt Word Problems >

Tara deposits 5,000 in a certificate of deposit. The annual interest rate is 7% , and the interest will be compounded monthly. How much will the certificate be worth in 10 years?

Lösung

T a r a d e p os i t s 5, 000 in a cer t i f i c a t e o f d e p os i t . T h e ann u a l in t eres t r a t e i s 7%, an d t h e in t eres t w i ll b e co m p o u n d e d m o n t h l y . Ho w m u c h w i ll t h e cer t i f i c a t e b e w or t h in 10 ye a rs ?

Lösung

Amount : 10048.31

Schritte zur Lösung

Translate the problem into an equation:

A = 5000 (1 + \frac{0.07}{12})^{12 \cdot 10}

5000 (1 + \frac{0.07}{12})^{12 \cdot 10} = 10048.30688 \dots

Round to the nearest hundredth:

10048.31

Amount : 10048.31

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