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Popular Word Problems >

Erin opened a savings account and deposited 3,000.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 6 years?

Solution

E r in 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 3, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% 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 6 ye a rs ?

Solution

Amount : 6141.3

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.12}{12})^{12 \cdot 6}

3000 (1 + \frac{0.12}{12})^{12 \cdot 6} = 6141.29793 \dots

Round to the nearest hundredth:

6141.3

Amount : 6141.3

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