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You deposit 28 in an account earning 6% interest compounded monthly. How much will you have in the account in 160 years?

Solution

You deposit 28 in an account earning 6% interest compounded monthly. How much will you have in the account in 160 years?

Solution

Amount : 403642.24

Solution steps

Translate the problem into an equation:

A = 28 (1 + \frac{0.06}{12})^{12 \cdot 160}

28 (1 + \frac{0.06}{12})^{12 \cdot 160} = 403642.23649 \dots

Round to the nearest hundredth:

403642.24

Amount : 403642.24

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