Eve opened a savings account and deposited 5,277.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 9 years?

Solução

Eve opened a savings account and deposited 5, 277.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 9 years?

Solução

Amount : 8268.25

Passos da solução

Translate the problem into an equation:

A = 5277 (1 + \frac{0.05}{12})^{12 \cdot 9}

5277 (1 + \frac{0.05}{12})^{12 \cdot 9} = 8268.24976 \dots

Round to the nearest hundredth:

8268.25

Amount : 8268.25

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