Emmett opened a savings account and deposited 300.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 4 years?

Solución

Solución

Amount : 483.67

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.12}{12})^{12 \cdot 4}

300 (1 + \frac{0.12}{12})^{12 \cdot 4} = 483.66782 \dots

Round to the nearest hundredth:

483.67

Amount : 483.67

Ejemplos populares

twice the difference of a number and 5 is 2 Lola has 70 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will she earn in 3 year?A train travels 300 kilometers in 3 hours. If it maintains a constant speed, how far will it travel in 5 hours?9 decreased by 4 times a number twice the difference of a number and 6 equals 8