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Find the final amount of money in an account if 6,700 is deposited at 3.5% interest compounded annually and the money is left for 10 years.

Solution

Find the final amount of money in an account if 6, 700 is deposited at 3.5% interest compounded annually and the money is left for 10 years.

Solution

Amount : 9451.01

Solution steps

Translate the problem into an equation:

A = 6700 (1 + \frac{0.035}{1})^{1 \cdot 10}

6700 (1 + \frac{0.035}{1})^{1 \cdot 10} = 9451.01169 \dots

Round to the nearest hundredth:

9451.01

Amount : 9451.01

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