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شائع Word Problems >

Robert puts 200.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 8 years?

الحلّ

R o b er t p u t s 200.00 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 1% 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 8 ye a rs ?

الحلّ

Amount : 216.65

خطوات الحلّ

Translate the problem into an equation:

A = 200 (1 + \frac{0.01}{12})^{12 \cdot 8}

200 (1 + \frac{0.01}{12})^{12 \cdot 8} = 216.65019 \dots

Round to the nearest hundredth:

216.65

Amount : 216.65

أمثلة شائعة

The sum of two numbers is 28. Four less than three times the smaller number is equal to the larger number x. Find the larger number.Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 9 years if the interest is compounded annually.What is the volume of a sphere with a radius of 6?8 less than the product of 5 and a number.Determine the future value if 750 is invested at 7.25% for 4 years compounded annually.