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Popular Word Problems >

You deposit 5000 in an account earning 4% interest compounded monthly. How much will you have in the account in 15 years? Round to the nearest cent

Solution

Y o u d e p os i t 5000 in an a cco u n t e a r nin g 4% 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 yo u ha v e in t h e a cco u n t in 15 ye a rs ? R o u n d t o t h e n e a res t ce n t

Solution

Amount : 9101.51

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 15}

5000 (1 + \frac{0.04}{12})^{12 \cdot 15} = 9101.50813 \dots

Round to the nearest hundredth:

9101.51

Amount : 9101.51

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