Rebecca puts 300.00 into an account to use for school expenses. The account earns 6% interest, compounded monthly. How much will be in the account after 7 years?

Solución

Solución

Amount : 456.11

Pasos de solución

Translate the problem into an equation:

A = 300 (1 + \frac{0.06}{12})^{12 \cdot 7}

300 (1 + \frac{0.06}{12})^{12 \cdot 7} = 456.11089 \dots

Round to the nearest hundredth:

456.11

Amount : 456.11

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