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Popular Word Problems >

Blanche has recently inherited 8300, into an account that compounds monthly at an annual rate of 4%. How much would Blanche's balance be from Account 2 over 5 years? Round to two decimal places.

Solution

Bl an c h e ha s rece n tl y inh er i t e d 8300, in t o an a cco u n t t ha t co m p o u n d s m o n t h l y a t an ann u a l r a t e o f 4%. Ho w m u c h w o u l d Bl an c h e^{'} s ba l an ce b e f ro m A cco u n t 2 o v er 5 ye a rs ? R o u n d t o tw o d ec ima l pl a ces .

Solution

Amount : 8433.64

Solution steps

Translate the problem into an equation:

A = 8300 (1 + \frac{0.04}{12})^{12 \cdot \frac{2}{5}}

8300 (1 + \frac{0.04}{12})^{12 \cdot \frac{2}{5}} = 8433.64368 \dots

Amount : 8433.64368 \dots

Round

8433.64368 \dots

to the nearest 2 decimal places:

8433.64

Amount : 8433.64

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