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Popular Word Problems >

Josie opened a savings account and deposited 3,773.00 as principal. The account earns 3.38% interest, compounded monthly. What is the balance after 3 years?

Solução

J os i e o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 3, 773.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3.38% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 3 ye a rs ?

Solução

Amount : 4175.06

Passos da solução

Translate the problem into an equation:

A = 3773 (1 + \frac{0.0338}{12})^{12 \cdot 3}

3773 (1 + \frac{0.0338}{12})^{12 \cdot 3} = 4175.05655 \dots

Round to the nearest hundredth:

4175.06

Amount : 4175.06

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