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Popular Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3 comma 870, requals5.5%, tequals16 years; compounded monthly

Solution

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​3 co mma 870​, re q u a l s 5.5​%, t e q u a l s 16 ​ ye a rs; co m p o u n d e d m o n t h l y

Solution

Amount : 2093.27

Solution steps

Translate the problem into an equation:

A = 870 (1 + \frac{0.055}{12})^{12 \cdot 16}

870 (1 + \frac{0.055}{12})^{12 \cdot 16} = 2093.26993 \dots

Round to the nearest hundredth:

2093.27

Amount : 2093.27

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