Angela deposits 3000 into an account with an APR of 2.9% for 12 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solución

A n g e l a d e p os i t s 3000 in t o an a cco u n t w i t h an A PR o f 2.9% f or 12 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d m o n t h l y . R o u n d yo u r an s w er t o t h e n e a res t h u n d re d t h, i f n ecess a ry .

Amount : 4246.91

Pasos de solución

Translate the problem into an equation:

A = 3000 (1 + \frac{0.029}{12})^{12 \cdot 12}

3000 (1 + \frac{0.029}{12})^{12 \cdot 12} = 4246.91341 \dots

Redondear al más cercano hundredth:

4246.91

Amount : 4246.91