Philip opened a savings account and deposited 200.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?Round your answer to the nearest cent.

Solução

Solução

Amount : 239.41

Passos da solução

Translate the problem into an equation:

A = 200 (1 + \frac{0.02}{12})^{12 \cdot 9}

200 (1 + \frac{0.02}{12})^{12 \cdot 9} = 239.40759 \dots

Round to the nearest hundredth:

239.41

Amount : 239.41

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