Harold puts 300.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 5 years?

Solución

Solución

Amount : 425.29

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.07}{12})^{12 \cdot 5}

300 (1 + \frac{0.07}{12})^{12 \cdot 5} = 425.28757 \dots

Round to the nearest hundredth:

425.29

Amount : 425.29

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