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You deposit 3500 in an account that pays 1.26% annual interest. Find the balance after 6 years when the interest is compounded monthly.

Solution

You deposit 3500 in an account that pays 1.26% annual interest. Find the balance after 6 years when the interest is compounded monthly.

Solution

Amount : 3774.71

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.0126}{12})^{12 \cdot 6}

3500 (1 + \frac{0.0126}{12})^{12 \cdot 6} = 3774.70904 \dots

Round to the nearest hundredth:

3774.71

Amount : 3774.71

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