en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 600 in an account earning 5% interest compounded monthly. How much will you have in the account in 10 years?

Solution

Y o u d e p os i t 600 in an a cco u n t e a r nin g 5% 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 yo u ha v e in t h e a cco u n t in 10 ye a rs ?

Solution

Amount : 988.21

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.05}{12})^{12 \cdot 10}

600 (1 + \frac{0.05}{12})^{12 \cdot 10} = 988.20569 \dots

Round to the nearest hundredth:

988.21

Amount : 988.21

Popular Examples

Harold opened a savings account and deposited 800.00. The account earns 4% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?Robert puts 200.00 into an account to use for school expenses. The account earns 1% interest, compounded monthly. How much will be in the account after 8 years?The sum of two numbers is 28. Four less than three times the smaller number is equal to the larger number x. Find the larger number.Suppose that 10, 000 is invested at 7% interest. Find the amount of money in the account after 9 years if the interest is compounded annually.What is the volume of a sphere with a radius of 6?