Universal Credit Dublin offers a deposit account paying 9.75% per year. You deposit €24,500 in the account. After 13 years, how much money is in the account, assuming interest is compounded yearly.

Solution

Universal Credit Dublin offers a deposit account paying 9.75% per year. You deposit €24, 500 in the account. After 13 years, how much money is in the account, assuming interest is compounded yearly.

Solution

Amount : 82115.47

Solution steps

Translate the problem into an equation:

A = 24500 (1 + \frac{0.0975}{1})^{1 \cdot 13}

24500 (1 + \frac{0.0975}{1})^{1 \cdot 13} = 82115.46570 \dots

Round to the nearest hundredth:

82115.47

Amount : 82115.47

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