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Popular Word Problems >

Kiara opened a savings account and deposited 1,000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 4 years?

Solución

K ia r a 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 1, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% 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 ?

Solución

Amount : 1127.33

Pasos de solución

Translate the problem into an equation:

A = 1000 (1 + \frac{0.03}{12})^{12 \cdot 4}

1000 (1 + \frac{0.03}{12})^{12 \cdot 4} = 1127.32802 \dots

Redondear al más cercano hundredth:

1127.33

Amount : 1127.33

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