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Popolare Word Problems >

Nate invests 1,000 into an account with a 5.2% interest that is compounded annually. How much money will he have in this account if he keeps it for 5 years?

Soluzione

N a t e in v es t s 1, 000 in t o an a cco u n t w i t h a 5.2% in t eres t t ha t i s co m p o u n d e d ann u a ll y . Ho w m u c h m o n ey w i ll h e ha v e in t hi s a cco u n t i f h e k ee p s i t f or 5 ye a rs ?

Soluzione

Amount : 1288.48

Fasi della soluzione

Translate the problem into an equation:

A = 1000 (1 + \frac{0.052}{1})^{1 \cdot 5}

1000 (1 + \frac{0.052}{1})^{1 \cdot 5} = 1288.48301 \dots

Arrotondare all' hundredth più vicino:

1288.48

Amount : 1288.48

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