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You deposit 5000 in an account earning 4% interest compounded monthly. How much will you have in the account in 15 years? Round to the nearest cent

Solution

You deposit 5000 in an account earning 4% interest compounded monthly. How much will you have in the account in 15 years? Round to the nearest cent

Solution

Amount : 9101.51

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 15}

5000 (1 + \frac{0.04}{12})^{12 \cdot 15} = 9101.50813 \dots

Round to the nearest hundredth:

9101.51

Amount : 9101.51

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