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Popular Word Problems >

Justin puts 500.00 into an account to use for school expenses. The account earns 4% interest, compounded monthly. How much will be in the account after 8 years?

Solution

J u s t in p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 4% 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 b e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 688.2

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.04}{12})^{12 \cdot 8}

500 (1 + \frac{0.04}{12})^{12 \cdot 8} = 688.19755 \dots

Round to the nearest hundredth:

688.2

Amount : 688.2

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