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Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

الحلّ

Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

الحلّ

Amount : 7452.93

خطوات الحلّ

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{12})^{12 \cdot 8}

5000 (1 + \frac{0.05}{12})^{12 \cdot 8} = 7452.92733 \dots

Round to the nearest hundredth:

7452.93

Amount : 7452.93

أمثلة شائعة

a number plus 14 What is the result when the number 63 is increased by 3%?The sum of 4 consecutive odd integers is 72 Jayla is saving up money to buy a car. Jayla puts 7,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 3 years?Three increased by the product of a number and 2 is at least-25.