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Popular Word Problems >

Ryan invested 5,900 in an account paying an interest rate of 5% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 11 years?

Solution

R y an in v es t e d 5, 900 in an a cco u n t p a y in g an in t eres t r a t e o f 5% co m p o u n d e d m o n t h l y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t ce n t, w o u l d b e in t h e a cco u n t a f t er 11 ye a rs ?

Solution

Amount : 10214.51

Solution steps

Translate the problem into an equation:

A = 5900 (1 + \frac{0.05}{12})^{12 \cdot 11}

5900 (1 + \frac{0.05}{12})^{12 \cdot 11} = 10214.51441 \dots

Round to the nearest hundredth:

10214.51

Amount : 10214.51

Popular Examples

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