Ankit deposits 800 in an account that earns 6% yearly interest compounded monthly. How much will the account be worth after 2 years, assuming that Ankit does not withdraw any money from the account?

Solución

Solución

Amount : 901.73

Pasos de solución

Translate the problem into an equation:

A = 800 (1 + \frac{0.06}{12})^{12 \cdot 2}

800 (1 + \frac{0.06}{12})^{12 \cdot 2} = 901.72782 \dots

Round to the nearest hundredth:

901.73

Amount : 901.73

Ejemplos populares

you deposit 5000 dollars in an account earning 3percent interest compound continuously. How much will you have in the account in 10years The diameter of a circle is 4 feet. What is the circle's circunferencia the price of a bottle of cooking oil increased by 23% from a price of 40 rands how much money has the price increased Barbara went to the store and bought a shirt for 88 dollars. It had been discounted by 20%. What is the original price of the shirt?Sharon puts 400.00 into an account to use for school expenses. The account earns 8% interest, compounded continuously. How much will be in the account after 6 years?