Angela deposits 3500 into an account with an APR of 2.5% for 11 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solución

Solución

Amount : 4606.54

Pasos de solución

Translate the problem into an equation:

A = 3500 (1 + \frac{0.025}{12})^{12 \cdot 11}

3500 (1 + \frac{0.025}{12})^{12 \cdot 11} = 4606.53942 \dots

Round to the nearest hundredth:

4606.54

Amount : 4606.54

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