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Popular Word Problems >

To the nearest two decimal places, find the amount in a bank account after 5 years at 6% annual percentage rate compounded monthly if the money initially deposited was 15,000 .

Solución

T o t h e n e a res t tw o d ec ima l pl a ces, f in d t h e am o u n t in a bank a cco u n t a f t er 5 ye a rs a t 6% ann u a l p erce n t a g e r a t e co m p o u n d e d m o n t h l y i f t h e m o n ey ini t ia ll y d e p os i t e d w a s 15, 000 .

Solución

Amount : 20232.75

Pasos de solución

Translate the problem into an equation:

A = 15000 (1 + \frac{0.06}{12})^{12 \cdot 5}

15000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 20232.75228 \dots

Redondear al más cercano hundredth:

20232.75

Amount : 20232.75

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