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Popular Word Problems >

Janice puts 10,000.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 6 years?

Solução

J ani ce p u t s 10, 000.00 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 1% 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 ?

Solução

Amount : 10618.1

Passos da solução

Translate the problem into an equation:

A = 10000 (1 + \frac{0.01}{12})^{12 \cdot 6}

10000 (1 + \frac{0.01}{12})^{12 \cdot 6} = 10618.10015 \dots

Round to the nearest hundredth:

10618.1

Amount : 10618.1

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