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Popolare 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.

Soluzione

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 .

Soluzione

Amount : 5395.4

Fasi della soluzione

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

Arrotondare all' hundredth più vicino:

5395.4

Amount : 5395.4

Esempi popolari

The sum of a number and 5 is 13 The circonferenza of a circle is 18𝜋 centimeters. What is the radius?The diameter of a circle is 10 m. Find the circonferenza to the nearest tenth mark is 4 times as old as johnny. in 20 years mark will be twice as old as johnny find the present age of both Allie puts 7,982.00 into an account to use for school expenses. The account earns 11.86% interest, compounded monthly. How much will be in the account after 7 years?