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Популярное Word Problems >

Autumn invested 2,800 in an account paying an interest rate of 6.2% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 8 years?

Решение

A u t u mn in v es t e d 2, 800 in an a cco u n t p a y in g an in t eres t r a t e o f 6.2% 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 t e n d o ll a rs, w o u l d b e in t h e a cco u n t a f t er 8 ye a rs ?

Решение

Amount : 4592.12

Шаги решения

Translate the problem into an equation:

A = 2800 (1 + \frac{0.062}{12})^{12 \cdot 8}

2800 (1 + \frac{0.062}{12})^{12 \cdot 8} = 4592.12316 \dots

Округлите до ближайшего hundredth:

4592.12

Amount : 4592.12

Популярные примеры

Find 3 consecutive integers such that 4 times the sum of the 1st and the 3rd is 14 greater than 7 times the second.Matthew invested 5,800 in an account paying an interest rate of 4.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 7 years?Aubrey invested 61,000 in an account paying an interest rate of 1.9% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 73,600?Robert invested 860 in an account paying an interest rate of 5.1% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 13 years?Serenity invested 16,000 in an account paying an interest rate of 4.5% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 9 years?