Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years?

Solución

Solución

Amount : 572.66

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.13}{12})^{12 \cdot 5}

300 (1 + \frac{0.13}{12})^{12 \cdot 5} = 572.65696 \dots

Round to the nearest hundredth:

572.66

Amount : 572.66

Ejemplos populares

Fourteen more than 5 times a number is 34.the sum of 5 times a number and 7equal 8 the product of 4, and a number increased by 7, is-36 Four more than the product of a number and 7 is equal to 8.the sum of the ages of Nicole and Kristin is 32. In 2 years, Nicole will be three times as old as Kristin. How old are they now