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You deposit 150 in an investment account that earns 4.8% annual interest compounded monthly.What is the balance of the account after 8 years?

Solution

You deposit 150 in an investment account that earns 4.8% annual interest compounded monthly.What is the balance of the account after 8 years?

Solution

Amount : 220.05

Solution steps

Translate the problem into an equation:

A = 150 (1 + \frac{0.048}{12})^{12 \cdot 8}

150 (1 + \frac{0.048}{12})^{12 \cdot 8} = 220.05320 \dots

Round to the nearest hundredth:

220.05

Amount : 220.05

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