en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Lucy puts 500.00 into an account to use for school expenses. The account earns 5% interest, compounded monthly. How much will be in the account after 6 years?

Solution

Lu cy p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 5% 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 b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 674.51

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.05}{12})^{12 \cdot 6}

500 (1 + \frac{0.05}{12})^{12 \cdot 6} = 674.50887 \dots

Round to the nearest hundredth:

674.51

Amount : 674.51

Popular Examples

a boat costs 10,250 and decreases in value by 9% per year. How much will the boat be worth after 13 years?micheal is 3 times as old as bradon. 18 years ago, micheal was 9 times as old as bradon the sum of two consecutive off integers is-208. find the two integers 54 is 50% of what number The circumference of a circle is 22pi in. What is the area, in square inches