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Beliebt >

Find the amount in a savings account if 5200 was invested for 5 years at a 4.2% interest rate compounded monthly.

Lösung

Find the amount in a savings account if 5200 was invested for 5 years at a 4.2% interest rate compounded monthly.

Lösung

Amount : 6412.77

Schritte zur Lösung

Translate the problem into an equation:

A = 5200 (1 + \frac{0.042}{12})^{12 \cdot 5}

5200 (1 + \frac{0.042}{12})^{12 \cdot 5} = 6412.77427 \dots

Round to the nearest hundredth:

6412.77

Amount : 6412.77

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