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Popular Word Problems >

You deposit 600 in an account earning 5% interest compounded monthly. How much will you have in the account in 10 years?

Solução

Y o u d e p os i t 600 in an a cco u n t e a r nin g 5% 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 10 ye a rs ?

Solução

Amount : 988.21

Passos da solução

Translate the problem into an equation:

A = 600 (1 + \frac{0.05}{12})^{12 \cdot 10}

600 (1 + \frac{0.05}{12})^{12 \cdot 10} = 988.20569 \dots

Round to the nearest hundredth:

988.21

Amount : 988.21

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