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Popular Word Problems >

You deposit 4000 in an account earning 6% interest compounded monthly. How much will you have in the account in 5 years? Round to the nearest cent.

Solución

Y o u d e p os i t 4000 in an a cco u n t e a r nin g 6% 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 yo u ha v e in t h e a cco u n t in 5 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solución

Amount : 5395.4

Pasos de solución

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{12})^{12 \cdot 5}

4000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 5395.40061 \dots

Redondear al más cercano hundredth:

5395.4

Amount : 5395.4

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