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A retirement account is opened with an initial deposit of 6, 500 and earns 6.12% interest compounded monthly. What will the account be worth in 20 years?

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解答

Aretirementaccountisopenedwithaninitialdepositof6,500andearns6.12%interestcompoundedmonthly.Whatwilltheaccountbeworthin20years?

解答

Amount:22036.31
求解步骤
Translate the problem into an equation:A=6500(1+120.0612​)12⋅20
6500(1+120.0612​)12⋅20=22036.31002…
Round to the nearest hundredth:22036.31
Amount:22036.31

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