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You deposit 24.00 in an account earning 6% interest compounded monthly. How much will you have in the account in 160 years?

Solution

You deposit 24.00 in an account earning 6% interest compounded monthly. How much will you have in the account in 160 years?

Solution

Amount : 345979.06

Solution steps

Translate the problem into an equation:

A = 24 (1 + \frac{0.06}{12})^{12 \cdot 160}

24 (1 + \frac{0.06}{12})^{12 \cdot 160} = 345979.05984 \dots

Round to the nearest hundredth:

345979.06

Amount : 345979.06

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