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Popular Word Problems >

You deposit 500,000 into a bank account that pays you 6% annual rate compounded monthly. How much money you will have in your account in 1 year?

Solution

Y o u d e p os i t 500, 000 in t o a bank a cco u n t t ha t p a ys yo u 6% ann u a l r a t e co m p o u n d e d m o n t h l y . Ho w m u c h m o n ey yo u w i ll ha v e in yo u r a cco u n t in 1 ye a r ?

Solution

Amount : 530838.91

Solution steps

Translate the problem into an equation:

A = 500000 (1 + \frac{0.06}{12})^{12 \cdot 1}

500000 (1 + \frac{0.06}{12})^{12 \cdot 1} = 530838.90593 \dots

Round to the nearest hundredth:

530838.91

Amount : 530838.91

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