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You deposit 8000 in an account earning 7.23% interest compounded monthly. How much will you have in the account in 1 year?

Solution

You deposit 8000 in an account earning 7.23% interest compounded monthly. How much will you have in the account in 1 year?

Solution

Amount : 8597.96

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.0723}{12})^{12 \cdot 1}

8000 (1 + \frac{0.0723}{12})^{12 \cdot 1} = 8597.95693 \dots

Round to the nearest hundredth:

8597.96

Amount : 8597.96

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