en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Russell opened a savings account and deposited 4,000.00 as principal. The account earns 10% interest, compounded monthly. What is the balance after 7 years?

Solution

R u sse ll 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 4, 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 10% 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 7 ye a rs ?

Solution

Amount : 8031.68

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.1}{12})^{12 \cdot 7}

4000 (1 + \frac{0.1}{12})^{12 \cdot 7} = 8031.68061 \dots

Round to the nearest hundredth:

8031.68

Amount : 8031.68

Popular Examples

Question Find the surface area of a rectangular solid with the given dimensions: length 25 feet, width 7 feet, height 10 feet. Give your answer without units.Find three consecutive integers such that the sum of the first and third is 146.The sales tax rate is 3%. If Jada buys a fancy watch priced at 732.12, what will be the total cost including tax? Round your answer to the nearest cent:The circumference of a circle is 2pipi cm. Find its diameter, in centimeters.Helen puts 6,782.00 into an account to use for school expenses. The account earns 14% interest, compounded monthly. How much will be in the account after 7 years?