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Popular Word Problems >

Dakota opened a savings account and deposited 1,623.00 as principal. The account earns 14% interest, compounded monthly. What is the balance after 3 years?

Solution

D ak o t a 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 1, 623.00 a s p r in c i p a l . 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 . Wha t i s t h e ba l an ce a f t er 3 ye a rs ?

Solution

Amount : 2464.15

Solution steps

Translate the problem into an equation:

A = 1623 (1 + \frac{0.14}{12})^{12 \cdot 3}

1623 (1 + \frac{0.14}{12})^{12 \cdot 3} = 2464.14570 \dots

Round to the nearest hundredth:

2464.15

Amount : 2464.15

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