Caleb puts 500.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 6 years?

Solución

Solución

Amount : 806.75

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{12})^{12 \cdot 6}

500 (1 + \frac{0.08}{12})^{12 \cdot 6} = 806.75108 \dots

Round to the nearest hundredth:

806.75

Amount : 806.75

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