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Populaire Word Problems >

Mackenzie puts 600.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 7 years?

Solution

M a c k e n z i e p u t s 600.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 1048.45

étapes des solutions

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{12})^{12 \cdot 7}

600 (1 + \frac{0.08}{12})^{12 \cdot 7} = 1048.45323 \dots

Arrondir à hundredth la plus proche:

1048.45

Amount : 1048.45

Exemples populaires

An initial amount of 3200 is invested in an account at an interest rate of 3.5% per year, compounded continuously. Assuming that no withdrawals are made, find the amount in the account after three years.Maria borrowed 15,000. She repaid the loan in full at the end of 3 years with a lump sum of 18,500. What annual flat interest rate was she charged?the sum of two consecutive even integers is 174 Fifteen more than 3 times a number is 45. Find the number The product of two consecutive positive integers is 5 more than five times the smallest integer. Find the value of the larger integer.