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Popular Word Problems >

Cassie puts 600.00 into an account to use for school expenses. The account earns 9% interest, compounded annually. How much will be in the account after 10 years?

Solución

C a ss i e p u t s 600.00 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 9% 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 10 ye a rs ?

Solución

Amount : 1420.42

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.09}{1})^{1 \cdot 10}

600 (1 + \frac{0.09}{1})^{1 \cdot 10} = 1420.41820 \dots

Redondear al más cercano hundredth:

1420.42

Amount : 1420.42

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