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You deposit 3000 in an account earning 1200% interest compounded monthly. How much will you have in the account in 48.56 years?

Solution

You deposit 3000 in an account earning 1200% interest compounded monthly. How much will you have in the account in 48.56 years?

Solution

Amount : 9.22337 E 16

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{12}{12})^{12 \cdot 48.56}

3000 (1 + \frac{12}{12})^{12 \cdot 48.56} = 7.82205 E 178

Round to the nearest hundredth:

9.22337 E 16

Amount : 9.22337 E 16

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