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Popular Word Problems >

Kyle opened a savings account and deposited 2,000.00 as principal. The account earns 10% interest, compounded monthly. What is the balance after 6 years?

Solución

Ky l 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 2, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 10% 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 6 ye a rs ?

Solución

Amount : 3635.19

Pasos de solución

Translate the problem into an equation:

A = 2000 (1 + \frac{0.1}{12})^{12 \cdot 6}

2000 (1 + \frac{0.1}{12})^{12 \cdot 6} = 3635.18856 \dots

Redondear al más cercano hundredth:

3635.19

Amount : 3635.19

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