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RUDIKE [14]
3 years ago
13

If a savings account of $48,900 is compounded annually at 19.1% annual interest, how much will the account be worth in 53 months

? Round your answer to the nearest cent. Note: 360 days in a year and 30 days in a month.
Mathematics
1 answer:
ankoles [38]3 years ago
4 0
Interest rate i=19.1% compounded annually.
Initial deposit, P=48900
Time t=53 months=53/12 years

Use compound interest formula
Future value,
F=P(1+i)^(t)=48900(1+0.191)^(53/12)
=  $105,824.40  (to the nearest cent)
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