Ryan invested 5,900 in an account paying an interest rate of 5% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Solución

Ryan invested 5, 900 in an account paying an interest rate of 5% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Solución

Amount : 10214.51

Pasos de solución

Translate the problem into an equation:

A = 5900 (1 + \frac{0.05}{12})^{12 \cdot 11}

5900 (1 + \frac{0.05}{12})^{12 \cdot 11} = 10214.51441 \dots

Round to the nearest hundredth:

10214.51

Amount : 10214.51

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