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Beliebt Word Problems >

Meg invested 16,000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 5 years with monthly compounding?

Lösung

M e g in v es t e d 16, 000 in a s a v in g s a cco u n t . I f t h e in t eres t r a t e i s 6% p er ye a r, h o w m u c h w i ll b e in t h e a cco u n t in 5 ye a rs w i t h m o n t h l y co m p o u n d in g ?

Lösung

Amount : 21581.6

Schritte zur Lösung

Translate the problem into an equation:

A = 16000 (1 + \frac{0.06}{12})^{12 \cdot 5}

16000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 21581.60244 \dots

Round to the nearest hundredth:

21581.6

Amount : 21581.6

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