Arianna opened a savings account and deposited 500.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 9 years?

Solución

Solución

Amount : 783.42

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.05}{12})^{12 \cdot 9}

500 (1 + \frac{0.05}{12})^{12 \cdot 9} = 783.42332 \dots

Round to the nearest hundredth:

783.42

Amount : 783.42

Ejemplos populares

Eight less than six times a number is greater than nine annie sold her camera for 250 making a loss of 20% what was the cost price 4 less a number if you invest 2600 at 3% interest per year how much will you have all together after 5 years The diameter of a circle is 12 yards. What is the circle's circunferencia?