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Beliebt Word Problems >

Mykala has deposited 5,000 in a bank for 6 years at the interest rate of 5% compounded annually. How much money will she receive at the end of the six years?

Lösung

M y ka l a ha s d e p os i t e d ​ 5, 000 in a bank f or 6 ye a rs a t t h e in t eres t r a t e o f ​ 5% co m p o u n d e d ann u a ll y . Ho w m u c h m o n ey w i ll s h e rece i v e a t t h e e n d o f t h e s i x ​ ye a rs ?

Lösung

Amount : 6700.48

Schritte zur Lösung

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{1})^{1 \cdot 6}

5000 (1 + \frac{0.05}{1})^{1 \cdot 6} = 6700.47820 \dots

Round to the nearest hundredth:

6700.48

Amount : 6700.48

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