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Popular Word Problems >

You deposit 3500 in a bank account that pays 8% annual interest. Find the balance after 13 years if the interest is compounded monthly.

Solution

Y o u d e p os i t 3500 in a bank a cco u n t t ha t p a ys 8% ann u a l in t eres t . F in d t h e ba l an ce a f t er 13 ye a rs i f t h e in t eres t i s co m p o u n d e d m o n t h l y .

Solution

Amount : 9868.14

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.08}{12})^{12 \cdot 13}

3500 (1 + \frac{0.08}{12})^{12 \cdot 13} = 9868.14243 \dots

Round to the nearest hundredth:

9868.14

Amount : 9868.14

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