Evelyn puts 500.00 into an account to use for school expenses. The account earns 12% interest, compounded monthly. How much will be in the account after 9 years?

Solución

Solución

Amount : 1464.46

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{12})^{12 \cdot 9}

500 (1 + \frac{0.12}{12})^{12 \cdot 9} = 1464.46289 \dots

Round to the nearest hundredth:

1464.46

Amount : 1464.46

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