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Sylvia decides to put a recent 85,600 inheritance away into an investment account gaining 9.5% interest compounded monthly. How much will be in the account at the end of 10 years? Round to the nearest cent. Explain how you got your answer

Solution

Sylvia decides to put a recent 85, 600 inheritance away into an investment account gaining 9.5% interest compounded monthly. How much will be in the account at the end of 10 years? Round to the nearest cent. Explain how you got your answer

Solution

Amount : 220510.34

Solution steps

Translate the problem into an equation:

A = 85600 (1 + \frac{0.095}{12})^{12 \cdot 10}

85600 (1 + \frac{0.095}{12})^{12 \cdot 10} = 220510.34194 \dots

Round to the nearest hundredth:

220510.34

Amount : 220510.34

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