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Populaire Word Problems >

Find the balance in the account after the given period. 2400 deposit earning 3.9 % compounded monthly, after 2 years.

Solution

F in d t h e ba l an ce in t h e a cco u n t a f t er t h e g i v e n p er i o d . 2400 d e p os i t e a r nin g 3.9 % co m p o u n d e d ​ m o n t h l y, a f t er 2 ye a rs .

Solution

Amount : 2594.37

étapes des solutions

Translate the problem into an equation:

A = 2400 (1 + \frac{0.039}{12})^{12 \cdot 2}

2400 (1 + \frac{0.039}{12})^{12 \cdot 2} = 2594.36623 \dots

Arrondir à hundredth la plus proche:

2594.37

Amount : 2594.37

Exemples populaires

48.4 is 66 2/3 of what number what is the area of a 4 sided polygon in a cercle with a radius of 5cm Aaron opened a savings account and deposited 200.00. The account earns 5% interest, compounded annually. If he wants to use the money to buy a new bicycle in 3 years, how much will he be able to spend on the bike?if joe had 3 apples and tom had 2 how many do they have Eli invested 9,400 in an account paying an interest rate of 2.3% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 19 years?