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Popular Word Problems >

You deposit 550 in an account that pays 5% annual interest. What is the balance after 3 years if the interest is compounded monthly?

Solução

Y o u d e p os i t 550 in an a cco u n t t ha t p a ys 5% ann u a l in t eres t . Wha t i s t h e ba l an ce a f t er 3 ye a rs i f t h e in t eres t i s co m p o u n d e d m o n t h l y ?

Solução

Amount : 638.81

Passos da solução

Translate the problem into an equation:

A = 550 (1 + \frac{0.05}{12})^{12 \cdot 3}

550 (1 + \frac{0.05}{12})^{12 \cdot 3} = 638.80972 \dots

Round to the nearest hundredth:

638.81

Amount : 638.81

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