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Popular Word Problems >

Lily opened a savings account and deposited 763.00 as principal. The account earns 6% interest, compounded monthly. What is the balance after 8 years?

Solution

L i l y o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 763.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% 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 a f t er 8 ye a rs ?

Solution

Amount : 1231.59

Solution steps

Translate the problem into an equation:

A = 763 (1 + \frac{0.06}{12})^{12 \cdot 8}

763 (1 + \frac{0.06}{12})^{12 \cdot 8} = 1231.59088 \dots

Round to the nearest hundredth:

1231.59

Amount : 1231.59

Popular Examples

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