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You deposit 4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years? Round to the nearest cent.

Solution

You deposit 4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years? Round to the nearest cent.

Solution

Amount : 8038.65

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.07}{12})^{12 \cdot 10}

4000 (1 + \frac{0.07}{12})^{12 \cdot 10} = 8038.64550 \dots

Round to the nearest hundredth:

8038.65

Amount : 8038.65

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