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Popular Word Problems >

Determine the value of an investment of 2500 if it is invested at an interest rate of 5.25% compounded monthly for 4 years.

Solução

De t er min e t h e v a l u e o f an in v es t m e n t o f 2500 i f i t i s in v es t e d a t an in t eres t r a t e o f 5.25% co m p o u n d e d m o n t h l y f or 4 ye a rs .

Solução

Amount : 3082.78

Passos da solução

Translate the problem into an equation:

A = 2500 (1 + \frac{0.0525}{12})^{12 \cdot 4}

2500 (1 + \frac{0.0525}{12})^{12 \cdot 4} = 3082.78279 \dots

Round to the nearest hundredth:

3082.78

Amount : 3082.78

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