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Popular Word Problems >

Pablo opened a savings account and deposited 800.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 2 years?

Solution

P ab l o 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 800.00 a s p r in c i p a l . 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 . Wha t i s t h e ba l an ce a f t er 2 ye a rs ?

Solution

Amount : 883.95

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.05}{12})^{12 \cdot 2}

800 (1 + \frac{0.05}{12})^{12 \cdot 2} = 883.95306 \dots

Round to the nearest hundredth:

883.95

Amount : 883.95

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