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Popular 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?

Solución

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 ?

Solución

Amount : 216.65

Pasos de solución

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

Redondear al más cercano hundredth:

216.65

Amount : 216.65

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