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Popular >

If 41,500 is deposited in an account at 1.4% annual interest, compounded monthly, how much money will be in the account after 11 years?

Solution

If 41, 500 is deposited in an account at 1.4% annual interest, compounded monthly, how much money will be in the account after 11 years?

Solution

Amount : 48405.03

Solution steps

Translate the problem into an equation:

A = 41500 (1 + \frac{0.014}{12})^{12 \cdot 11}

41500 (1 + \frac{0.014}{12})^{12 \cdot 11} = 48405.02660 \dots

Round to the nearest hundredth:

48405.03

Amount : 48405.03

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