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You deposit 100 in an investment account that earns 7.8% annual interest compounded monthly.What is the balance of the account after 6 years?

Solución

You deposit 100 in an investment account that earns 7.8% annual interest compounded monthly.What is the balance of the account after 6 years?

Solución

Amount : 159.44

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.078}{12})^{12 \cdot 6}

100 (1 + \frac{0.078}{12})^{12 \cdot 6} = 159.43809 \dots

Round to the nearest hundredth:

159.44

Amount : 159.44

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