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Populaire Word Problems >

You deposit 150 in an investment account that earns 4.2% annual interest compounded monthly.What is the balance of the account after 7 years?

Solution

Y o u d e p os i t 150 in an in v es t m e n t a cco u n t t ha t e a r n s 4.2% ann u a l 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 o f t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 201.16

étapes des solutions

Translate the problem into an equation:

A = 150 (1 + \frac{0.042}{12})^{12 \cdot 7}

150 (1 + \frac{0.042}{12})^{12 \cdot 7} = 201.16430 \dots

Arrondir à hundredth la plus proche:

201.16

Amount : 201.16

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