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Popular Word Problems >

Darrell puts 500.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 7 years?

Solution

D a rre ll 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 7% 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 7 ye a rs ?

Solution

Amount : 815

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.07}{12})^{12 \cdot 7}

500 (1 + \frac{0.07}{12})^{12 \cdot 7} = 814.99702 \dots

Round to the nearest hundredth:

815

Amount : 815

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