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Populaire Word Problems >

After saving money for 3 years at a 5% interest rate compounded monthly, Henry accumulated a total of 2800. How much money did he put into the bank when he started the savings plan?

Solution

A f t er s a v in g m o n ey f or 3 ye a rs a t a 5% in t eres t r a t e co m p o u n d e d m o n t h l y, He n ry a cc u m u l a t e d a t o t a l o f 2800. Ho w m u c h m o n ey d i d h e p u t in t o t h e bank w h e n h e s t a r t e d t h e s a v in g s pl an ?

Solution

Amount : 3252.12

étapes des solutions

Translate the problem into an equation:

A = 2800 (1 + \frac{0.05}{12})^{12 \cdot 3}

2800 (1 + \frac{0.05}{12})^{12 \cdot 3} = 3252.12224 \dots

Arrondir à hundredth la plus proche:

3252.12

Amount : 3252.12

Exemples populaires

if 7 is added to five times a number the result is equal to three times the number 4 times the sum of a number and-5 equals 24. What is the number?Jonah inherited some money from his grandfather and put it in a bank account that earns 6% interest compounded annually. After 5 years, Jonah had 600.00 in the bank account. How much interest did he earn?Use the formula for present value of money to calculate the amount you need to invest now in one lump sum in ordonner to have 25,000 after 10 years with an APR of 8% compounded monthly. Round your answer to the nearest cent, if necessary.the quotient of a number and four decreased by 2 is 6