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Populaire Word Problems >

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?

Solution

He l e n p u t s 6, 782.00 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 14% 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 7 ye a rs ?

Solution

Amount : 17968.13

étapes des solutions

Translate the problem into an equation:

A = 6782 (1 + \frac{0.14}{12})^{12 \cdot 7}

6782 (1 + \frac{0.14}{12})^{12 \cdot 7} = 17968.12679 \dots

Arrondir à hundredth la plus proche:

17968.13

Amount : 17968.13

Exemples populaires

Charlotte earned 10,000.00 from a summer job and put it in a savings account that earns 9% interest compounded quarterly. When Charlotte started college, she had 11,668.00 in the account which she used to pay for tuition. How long was the money in the account?Round your answer to the nearest month.The diameter of a circle is 15ft Find its circonférence in terms of pi Emir and Vivian deposit 757.00 into a savings account which earns 5% interest compounded quarterly. They want to use the money in the account to go on a trip in 2 years. How much will they be able to spend?The sum of two consecutive even integers is 50 Christopher took out a loan for \25, 690 to purchase a truck. With an annual interest rate of 5.2%, how much would he have paid after 5 years if the interest was compounded weekly?