Devon has invested 1400 into an account with a 6% APR compounding monthly. What will the balance be after 3 years if left alone? Round to the nearest cent.

Solución

Solución

Amount : 1675.35

Pasos de solución

Translate the problem into an equation:

A = 1400 (1 + \frac{0.06}{12})^{12 \cdot 3}

1400 (1 + \frac{0.06}{12})^{12 \cdot 3} = 1675.35273 \dots

Round to the nearest hundredth:

1675.35

Amount : 1675.35

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