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Popular Word Problems >

Arianna opened a savings account and deposited 500.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 9 years?

Solución

A r ianna 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% 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 9 ye a rs ?

Solución

Amount : 783.42

Pasos de solución

Translate the problem into an equation:

A = 500 (1 + \frac{0.05}{12})^{12 \cdot 9}

500 (1 + \frac{0.05}{12})^{12 \cdot 9} = 783.42332 \dots

Redondear al más cercano hundredth:

783.42

Amount : 783.42

Ejemplos populares

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