7000 are invested in a bank account at an interest rate of 4 percent per year.Find the amount in the bank after 9 years if interest is compounded monthly

Solución

Solución

Amount : 10027.3

Pasos de solución

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{12})^{12 \cdot 9}

7000 (1 + \frac{0.04}{12})^{12 \cdot 9} = 10027.30106 \dots

Round to the nearest hundredth:

10027.3

Amount : 10027.3

Ejemplos populares

Natalie puts 400.00 into an account to use for school expenses. The account earns 4% interest, compounded quarterly. How much will be in the account after 8 years?Round your answer to the nearest cent.the sum of two consecutive even integers is 142 The difference of twice a number and 6 is less than-28.Lloyd is twice as old as Herb who is three years older than Julian. If the total of their ages is57, how old is Julian?A pair of dice is rolled. Find the probability of rolling a sum not more than 9