Lena opened a savings account and deposited 1,000.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?

Solución

Lena opened a savings account and deposited 1, 000.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?

Solución

Amount : 1197.04

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.02}{12})^{12 \cdot 9}

1000 (1 + \frac{0.02}{12})^{12 \cdot 9} = 1197.03799 \dots

Round to the nearest hundredth:

1197.04

Amount : 1197.04

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