en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the amount in a savings account if 5200 was invested for 5 years at a 4.2% interest rate compounded monthly.

Solution

solve for

t h e am o u n t in a s a v in g s a cco u n t i f 5200 w a s in v es t e d f or 5 ye a rs a t a 4.2% in t eres t r a t e co m p o u n d e d m o n t h l y .

Solution

Amount : 6412.77

Solution steps

Translate the problem into an equation:

A = 5200 (1 + \frac{0.042}{12})^{12 \cdot 5}

5200 (1 + \frac{0.042}{12})^{12 \cdot 5} = 6412.77427 \dots

Round to the nearest hundredth:

6412.77

Amount : 6412.77

Popular Examples

Kaitlyn owes 36,000 in student loans. the interest rate on her loans is 7.5% she will be paying these loans off in 25 years. how much in dollars will she pay altogether?Tyler invested 1200 in an account that pays 6% compound interest. How much total money will he have after 9 years?The circumference of a circle is 16𝜋 feet. What is the diameter?Five more than the product of a number and 6 equals 4.jimmy has 5 apples. He eats 2. How many apples does he have left