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Popular Word Problems >

you invest 500 dollars at an 8% annual interest rate, if it is compounded monthly how much is your investment worth after 4 years

Solução

yo u in v es t 500 d o ll a rs a t an 8% ann u a l in t eres t r a t e, i f i t i s co m p o u n d e d m o n t h l y h o w m u c h i s yo u r in v es t m e n t w or t h a f t er 4 ye a rs

Solução

Amount : 687.83

Passos da solução

Translate the problem into an equation:

A = 500 (1 + \frac{0.08}{12})^{12 \cdot 4}

500 (1 + \frac{0.08}{12})^{12 \cdot 4} = 687.83305 \dots

Round to the nearest hundredth:

687.83

Amount : 687.83

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