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Populaire Word Problems >

You deposit 4000 in an account earning 6% interest compounded monthly. How much will you have in the account in 5 years? Round to the nearest cent.

Solution

Y o u d e p os i t 4000 in an a cco u n t e a r nin g 6% 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 yo u ha v e in t h e a cco u n t in 5 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 5395.4

étapes des solutions

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{12})^{12 \cdot 5}

4000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 5395.40061 \dots

Arrondir à hundredth la plus proche:

5395.4

Amount : 5395.4

Exemples populaires

The sum of a number and 5 is 13 The circonférence of a circle is 18𝜋 centimeters. What is the radius?The diameter of a circle is 10 m. Find the circonférence to the nearest tenth mark is 4 times as old as johnny. in 20 years mark will be twice as old as johnny find the present age of both Allie puts 7,982.00 into an account to use for school expenses. The account earns 11.86% interest, compounded monthly. How much will be in the account after 7 years?