A savings account earns an interest rate of 2.75% compounded monthly for an account with an initial deposit of 5,000 dollars . How much money will be in the account after 8 years? Round your answer to the nearest hundredth.

Solución

A savings account earns an interest rate of 2.75% compounded monthly for an account with an initial deposit of 5, 000 dollars . How much money will be in the account after 8 years? Round your answer to the nearest hundredth.

Solución

Amount : 6228.82

Pasos de solución

Translate the problem into an equation:

A = 5000 (1 + \frac{0.0275}{12})^{12 \cdot 8}

5000 (1 + \frac{0.0275}{12})^{12 \cdot 8} = 6228.81566 \dots

Round to the nearest hundredth:

6228.82

Amount : 6228.82

Ejemplos populares

ten less than the quotient of a number and 3 is 8 i thought of a number . 4 times the number increased by 30 equals 70 decreased by the number. What was the number A die is tossed 3 times. What is the probability of no fives turning up? deciaml Six less than thrice a number gives 9 . What is the number?seven more than twice a number is equal to four times the same number