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Beliebt Word Problems >

Sidney puts 7,655.00 into an account to use for school expenses. The account earns 3% interest, compounded monthly. How much will be in the account after 7 years?

Lösung

S i d n ey p u t s 7, 655.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Lösung

Amount : 9441.33

Schritte zur Lösung

Translate the problem into an equation:

A = 7655 (1 + \frac{0.03}{12})^{12 \cdot 7}

7655 (1 + \frac{0.03}{12})^{12 \cdot 7} = 9441.33099 \dots

Round to the nearest hundredth:

9441.33

Amount : 9441.33

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