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Popular Word Problems >

Cody invests 1,067 in a savings account with a fixed annual interest rate of 3% compounded 12 times per year.What will the account balance be after 7 years

Solução

C o d y in v es t s 1, 067 in a s a v in g s a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 3% co m p o u n d e d 12 t im es p er ye a r . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 7 ye a rs

Solução

Amount : 1315.99

Passos da solução

Translate the problem into an equation:

A = 1067 (1 + \frac{0.03}{12})^{12 \cdot 7}

1067 (1 + \frac{0.03}{12})^{12 \cdot 7} = 1315.98957 \dots

Round to the nearest hundredth:

1315.99

Amount : 1315.99

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