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Beliebt Word Problems >

Jim puts 3,527.00 into an account to use for school expenses. The account earns 2% interest, compounded monthly. How much will be in the account after 8 years?

Lösung

J im p u t s 3, 527.00 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 2% 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 8 ye a rs ?

Lösung

Amount : 4138.42

Schritte zur Lösung

Translate the problem into an equation:

A = 3527 (1 + \frac{0.02}{12})^{12 \cdot 8}

3527 (1 + \frac{0.02}{12})^{12 \cdot 8} = 4138.42162 \dots

Round to the nearest hundredth:

4138.42

Amount : 4138.42

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