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?

Solución

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?

Solución

Amount : 18234.46

Pasos de solución

Translate the problem into an equation:

A = 7982 (1 + \frac{0.1186}{12})^{12 \cdot 7}

7982 (1 + \frac{0.1186}{12})^{12 \cdot 7} = 18234.46104 \dots

Round to the nearest hundredth:

18234.46

Amount : 18234.46

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