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Popular Word Problems >

Angela deposits 5000 into an account with an APR of 2.2% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

A n g e l a d e p os i t s 5000 in t o an a cco u n t w i t h an A PR o f 2.2% f or 8 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d m o n t h l y . R o u n d yo u r an s w er t o t h e n e a res t h u n d re d t h, i f n ecess a ry .

Solution

Amount : 5961.23

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.022}{12})^{12 \cdot 8}

5000 (1 + \frac{0.022}{12})^{12 \cdot 8} = 5961.22964 \dots

Round to the nearest hundredth:

5961.23

Amount : 5961.23

Popular Examples

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