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Populaire Word Problems >

You deposit 3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 69 years?

Solution

Y o u d e p os i t 3000 in an a cco u n t e a r nin g 5% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 69 ye a rs ?

Solution

Amount : 93826.25

étapes des solutions

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{12})^{12 \cdot 69}

3000 (1 + \frac{0.05}{12})^{12 \cdot 69} = 93826.25226 \dots

Arrondir à hundredth la plus proche:

93826.25

Amount : 93826.25

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