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Popular Word Problems >

Blanche has recently inherited 8300, into an account that compounds monthly at an annual rate of 3.7%. how much would Blanche's balance be over 4.8 years? Round to two decimal places.

Solution

Bl an c h e ha s rece n tl y inh er i t e d 8300, in t o an a cco u n t t ha t co m p o u n d s m o n t h l y a t an ann u a l r a t e o f 3.7%. h o w m u c h w o u l d Bl an c h e^{'} s ba l an ce b e o v er 4.8 ye a rs ? R o u n d t o tw o d ec ima l pl a ces .

Solution

Amount : 9910.38

Solution steps

Translate the problem into an equation:

A = 8300 (1 + \frac{0.037}{12})^{12 \cdot 4.8}

8300 (1 + \frac{0.037}{12})^{12 \cdot 4.8} = 9910.37587 \dots

Amount : 9910.37587 \dots

Round

9910.37587 \dots

to the nearest 2 decimal places:

9910.38

Amount : 9910.38

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