corinthiant corinthiant
  • 22-04-2018
  • Mathematics
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find the amount of money in an account after 7 years if $1900 is deposited at 5% annual interest compounded monthly

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jdoe0001 jdoe0001
  • 22-04-2018
[tex]\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$1900\\ r=rate\to 5\%\to \frac{5}{100}\to &0.05\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{monthly thus twelve} \end{array}\to &12\\ t=years\to &7 \end{cases} \\\\\\ A=1900\left(1+\frac{0.05}{12}\right)^{12\cdot 7}\implies A=1900\left( \frac{241}{240} \right)^{84}[/tex]
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