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Popular Word Problems >

Find the amount of money in an account after 11 years if 2900 is deposited at 6% annual interest compounded monthly.

Solución

F in d t h e am o u n t o f m o n ey in an a cco u n t a f t er 11 ye a rs i f 2900 i s d e p os i t e d a t 6% ann u a l in t eres t co m p o u n d e d m o n t h l y .

Solución

Amount : 5601.68

Pasos de solución

Translate the problem into an equation:

A = 2900 (1 + \frac{0.06}{12})^{12 \cdot 11}

2900 (1 + \frac{0.06}{12})^{12 \cdot 11} = 5601.67811 \dots

Redondear al más cercano hundredth:

5601.68

Amount : 5601.68

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