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12345 [234]
3 years ago
10

How much would $150 invested at 8% interest compounded monthly be worth after 13 years? Round your answer to the nearest cent. h

ere's the equation: A(t)=P(1+r/n)^nt
Mathematics
1 answer:
dedylja [7]3 years ago
7 0
Using that equation, our P = 150, r = .08, t = 13, and n = 12 (because there are 12 months in a year).  Filling in accordingly, we have  A(t)=150(1+ \frac{.08}{12})^{(12)(13)}.  Simplifying a bit we have  A(t)=150(1+.00666666)^{156}.  Doing the addition inside the parenthesis and then raising that number to the 156th power, we have A(t)=150(2.819469238).  Multiply those and get A(t) = $422.92
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We have been given that Jenna saves $3 for every $13 dollars she earns. Vanessa saves $6 for every $16 she earns.

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