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An account is opened with an initial deposit of 100 and earns 3.0% interest compounded monthly.What will the account be worth in 25 years?

Solution

An account is opened with an initial deposit of 100 and earns 3.0% interest compounded monthly.What will the account be worth in 25 years?

Solution

Amount : 211.5

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.03}{12})^{12 \cdot 25}

100 (1 + \frac{0.03}{12})^{12 \cdot 25} = 211.50195 \dots

Round to the nearest hundredth:

211.5

Amount : 211.5

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