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?

Solución

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?

Solución

Amount : 4175.06

Pasos de solución

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

Ejemplos populares

Debbie puts 8,446.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 7 years?8 times the sum of a number x and 5 is 56 The product of six and a number is eighteen The circunferencia of a circle is 4𝜋 inches. What is the diameter?Give the exact answer in simplest form.An initial investment of 14,000 is appreciated for 3 years in an account that earns 10% interest, compounded semiannually. Find the amount of money in the account at the end of the period.