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Beliebt Word Problems >

Oliver invested 53,000 in an account paying an interest rate of 2.7% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 20 years?

Lösung

Ol i v er in v es t e d 53, 000 in an a cco u n t p a y in g an in t eres t r a t e o f 2.7% co m p o u n d e d d ai l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 20 ye a rs ?

Lösung

Amount : 90946.55

Schritte zur Lösung

Translate the problem into an equation:

A = 53000 (1 + \frac{0.027}{365})^{365 \cdot 20}

53000 (1 + \frac{0.027}{365})^{365 \cdot 20} = 90946.54732 \dots

Round to the nearest hundredth:

90946.55

Amount : 90946.55

Beliebte Beispiele

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