Rob opened a savings account and deposited 7,000.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 10 years?

Solución

Rob opened a savings account and deposited 7, 000.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 10 years?

Solución

Amount : 11529.07

Pasos de solución

Translate the problem into an equation:

A = 7000 (1 + \frac{0.05}{12})^{12 \cdot 10}

7000 (1 + \frac{0.05}{12})^{12 \cdot 10} = 11529.06648 \dots

Round to the nearest hundredth:

11529.07

Amount : 11529.07

Ejemplos populares

The circunferencia of a circle is 11pi cm. What is the area, in square centimeters? Express your answer in terms of pi.The sum of 5 consecutive even integers is 350. What is the value of the greatest integer?a number is at least ten A pair of standard dice are rolled. Find the probability of rolling a sum of 2 with these dice.when 15 is decreased by three times a number, the result is 21