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You deposit 24 in an account earning 5% interest compounded monthly. How much will you have in the account in 155 years?

Solution

You deposit 24 in an account earning 5% interest compounded monthly. How much will you have in the account in 155 years?

Solution

Amount : 54827.8

Solution steps

Translate the problem into an equation:

A = 24 (1 + \frac{0.05}{12})^{12 \cdot 155}

24 (1 + \frac{0.05}{12})^{12 \cdot 155} = 54827.80346 \dots

Round to the nearest hundredth:

54827.8

Amount : 54827.8

Popular Examples

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