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Popular Word Problems >

You deposit 2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?

Solución

Y o u d e p os i t 2000 in an a cco u n t e a r nin g 3% in t eres t co m p o u n d e d m o n t h l y . Ho w m u c h w i ll yo u ha v e in t h e a cco u n t in 5 ye a rs ?

Solución

Amount : 2323.23

Pasos de solución

Translate the problem into an equation:

A = 2000 (1 + \frac{0.03}{12})^{12 \cdot 5}

2000 (1 + \frac{0.03}{12})^{12 \cdot 5} = 2323.23356 \dots

Redondear al más cercano hundredth:

2323.23

Amount : 2323.23

Ejemplos populares

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