Mackenzie puts 600.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 7 years?

Solución

Solución

Amount : 1048.45

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{12})^{12 \cdot 7}

600 (1 + \frac{0.08}{12})^{12 \cdot 7} = 1048.45323 \dots

Round to the nearest hundredth:

1048.45

Amount : 1048.45

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