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Popular Word Problems >

Christine puts 4,163.00 into an account to use for school expenses. The account earns 9.71% interest, compounded monthly. How much will be in the account after 6 years?

Solução

C h r i s t in e p u t s 4, 163.00 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 9.71% 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 6 ye a rs ?

Solução

Amount : 7437.18

Passos da solução

Translate the problem into an equation:

A = 4163 (1 + \frac{0.0971}{12})^{12 \cdot 6}

4163 (1 + \frac{0.0971}{12})^{12 \cdot 6} = 7437.17821 \dots

Round to the nearest hundredth:

7437.18

Amount : 7437.18

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