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Popular Word Problems >

Colette opened a savings account and deposited 400.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 2 years?

Solución

C o l e tt e o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 400.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 2 ye a rs ?

Solución

Amount : 507.89

Pasos de solución

Translate the problem into an equation:

A = 400 (1 + \frac{0.12}{12})^{12 \cdot 2}

400 (1 + \frac{0.12}{12})^{12 \cdot 2} = 507.89385 \dots

Redondear al más cercano hundredth:

507.89

Amount : 507.89

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