Erin opened a savings account and deposited 3,000.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 6 years?

Solución

Erin opened a savings account and deposited 3, 000.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 6 years?

Solución

Amount : 6141.3

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.12}{12})^{12 \cdot 6}

3000 (1 + \frac{0.12}{12})^{12 \cdot 6} = 6141.29793 \dots

Round to the nearest hundredth:

6141.3

Amount : 6141.3

Ejemplos populares

the sum of two consecutive even integers is 82 The radius of a circle is 19in Find its circunferencia in terms of pi the sum of 3 times a number and 5 is equal to 2 a desk is on sale for 64%. the sales price is \$136.80. what is the regular price Jack has 1,331 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?