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 3500 in an account that pays 1.26% annual interest. Find the balance after 6 years when the interest is compounded monthly.

Solution

Y o u d e p os i t 3500 in an a cco u n t t ha t p a ys 1.26% ann u a l in t eres t . F in d t h e ba l an ce a f t er 6 ye a rs w h e n 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 : 3774.71

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.0126}{12})^{12 \cdot 6}

3500 (1 + \frac{0.0126}{12})^{12 \cdot 6} = 3774.70904 \dots

Round to the nearest hundredth:

3774.71

Amount : 3774.71

Popular Examples

a cube has a volume of 27 cubic units. what is the length of one of its edges when twice a certain number is subtracted from 15, the result is 11. what is the number 6 years ago, Jordan won some money in the lottery and put it in a bank account that earns 14% interest compounded quarterly. If Jordan currently has 700.00 in the bank account, how much interest has he earned?The product of two consecutive odd integers is thirty-five.8 years from now John will be 34 years old. The current sum of the ages of John and Mary is 52. How old is Mary right now?