en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 8000 in an account earning 7.23% interest compounded monthly. How much will you have in the account in 1 year?

Solution

Y o u d e p os i t 8000 in an a cco u n t e a r nin g 7.23% 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 1 ye a r ?

Solution

Amount : 8597.96

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.0723}{12})^{12 \cdot 1}

8000 (1 + \frac{0.0723}{12})^{12 \cdot 1} = 8597.95693 \dots

Round to the nearest hundredth:

8597.96

Amount : 8597.96

Popular Examples

The circumference of a circle is 12pi centimeters. What is the radius?Give the exact answer in simplest form.the circumference of a circle is 19pi m. Find its diameter in meters A number a decreased by 7 is 2 Find the present value of 8000 payable at the end of 2 years, if money may be invested at 6% with interest compounded continuously.rachel has 17 apples.he gives 9 to sarah.how many apples does rachel have now