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Popular Word Problems >

Wesley opened a savings account and deposited 212.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 4 years?

Solução

W es l ey o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 212.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 4 ye a rs ?

Solução

Amount : 258.83

Passos da solução

Translate the problem into an equation:

A = 212 (1 + \frac{0.05}{12})^{12 \cdot 4}

212 (1 + \frac{0.05}{12})^{12 \cdot 4} = 258.82981 \dots

Round to the nearest hundredth:

258.83

Amount : 258.83

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