Katie puts 600.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 5 years?

Solución

Solución

Amount : 893.91

Pasos de solución

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{12})^{12 \cdot 5}

600 (1 + \frac{0.08}{12})^{12 \cdot 5} = 893.90742 \dots

Round to the nearest hundredth:

893.91

Amount : 893.91

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