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Find the amount Erica owes at the end of 5 years if \$5100 is loaned to her at a rate of 7% compounded monthly.

Solution

Find the amount Erica owes at the end of 5 years if $5100 is loaned to her at a rate of 7% compounded monthly.

Solution

Amount : 7229.89

Solution steps

Translate the problem into an equation:

A = 5100 (1 + \frac{0.07}{12})^{12 \cdot 5}

5100 (1 + \frac{0.07}{12})^{12 \cdot 5} = 7229.88882 \dots

Round to the nearest hundredth:

7229.89

Amount : 7229.89

Popular Examples

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