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Popular Word Problems >

Kenji invests 3,500 at an interest rate of 3%, compounded monthly. About how much is the investment worth at the end of 5 years?

Solution

Ke nji in v es t s 3, 500 a t an in t eres t r a t e o f 3%, co m p o u n d e d m o n t h l y . A b o u t h o w m u c h i s t h e in v es t m e n t w or t h a t t h e e n d o f 5 ye a rs ?

Solution

Amount : 4065.66

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.03}{12})^{12 \cdot 5}

3500 (1 + \frac{0.03}{12})^{12 \cdot 5} = 4065.65873 \dots

Round to the nearest hundredth:

4065.66

Amount : 4065.66

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