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Popular Word Problems >

You deposit 130 in an investment account that earns 3.6% annual interest compounded monthly.What is the balance of the account after 6 years?

Solución

Y o u d e p os i t 130 in an in v es t m e n t a cco u n t t ha t e a r n s 3.6% ann u a l in t eres t co m p o u n d e d m o n t h l y . 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 6 ye a rs ?

Solución

Amount : 161.29

Pasos de solución

Translate the problem into an equation:

A = 130 (1 + \frac{0.036}{12})^{12 \cdot 6}

130 (1 + \frac{0.036}{12})^{12 \cdot 6} = 161.29114 \dots

Redondear al más cercano hundredth:

161.29

Amount : 161.29

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