Angela deposits 4000 into an account with an APR of 3.5% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solución

Solución

Amount : 5290.36

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.035}{12})^{12 \cdot 8}

4000 (1 + \frac{0.035}{12})^{12 \cdot 8} = 5290.36276 \dots

Round to the nearest hundredth:

5290.36

Amount : 5290.36

Ejemplos populares

Lena is going to invest to help with a down payment on a home. How much would she have to invest to have 54,300 after 6 years, assuming an interest rate of 1.63% compounded quarterly?Do not round any intermediate computations, and round your final answer to the nearest dollar. If necessary, refer to the list of financial formulas.The circunferencia of a circle is 17pi cm. What is the area, in square centimeters? Express your answer in terms of pipi.The radius of a circle is 5in Find its circunferencia in terms of pi Four consecutive even integers add up to 60. What is the greatest of these integers?The product of six and a number is eleven