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Popular Word Problems >

Carson invested 3,900 in an account paying an interest rate of 2.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?

Solution

C a rso n in v es t e d 3, 900 in an a cco u n t p a y in g an in t eres t r a t e o f 2.1% 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 14 ye a rs ?

Solution

Amount : 5231.61

Solution steps

Translate the problem into an equation:

A = 3900 (1 + \frac{0.021}{12})^{12 \cdot 14}

3900 (1 + \frac{0.021}{12})^{12 \cdot 14} = 5231.61278 \dots

Round to the nearest hundredth:

5231.61

Amount : 5231.61

Popular Examples

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