Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

해법

F in d t h e a cc u m u l a t e d v a l u e o f an in v es t m e n t o f 5000 a t 5% co m p o u n d e d m o n t h l y f or 8 ye a rs .

Amount : 7452.93

솔루션 단계

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{12})^{12 \cdot 8}

5000 (1 + \frac{0.05}{12})^{12 \cdot 8} = 7452.92733 \dots

가장 가까운 hundredth 으로 반올림:

7452.93

Amount : 7452.93