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Popular Word Problems >

Warren puts 8,000.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 5 years?

Solución

Wa rre n p u t s 8, 000.00 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 5 ye a rs ?

Solución

Amount : 8409.99

Pasos de solución

Translate the problem into an equation:

A = 8000 (1 + \frac{0.01}{12})^{12 \cdot 5}

8000 (1 + \frac{0.01}{12})^{12 \cdot 5} = 8409.99365 \dots

Redondear al más cercano hundredth:

8409.99

Amount : 8409.99

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