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Popular Word Problems >

Suppose you deposit \1500 in a savings account that pays interest at a annual rate of 6%. No money is added or withdrawn from the account. How much will be in the account after 20 years

Solution

Solution

Amount : 3300

Solution steps

Translate the problem into an equation:

A = 1500 (1 + 0.06 \cdot 20)

1500 (1 + 0.06 \cdot 20) = 3300

Amount : 3300

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