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Popular >

Find the amount of money in an account after 11 years if 2900 is deposited at 6% annual interest compounded monthly.

Solution

Find the amount of money in an account after 11 years if 2900 is deposited at 6% annual interest compounded monthly.

Solution

Amount : 5601.68

Solution steps

Translate the problem into an equation:

A = 2900 (1 + \frac{0.06}{12})^{12 \cdot 11}

2900 (1 + \frac{0.06}{12})^{12 \cdot 11} = 5601.67811 \dots

Round to the nearest hundredth:

5601.68

Amount : 5601.68

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