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Popular Word Problems >

4000 is invested for 14 years with an APR of 4% and monthly compounding. What is the balance after 14 years?

Solution

​4000 i s in v es t e d f or 14 ye a rs w i t h an A PR o f 4​% an d m o n t h l y co m p o u n d in g . Wha t i s t h e ba l an ce a f t er 14 ye a rs ?

Solution

Amount : 6996.17

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.04}{12})^{12 \cdot 14}

4000 (1 + \frac{0.04}{12})^{12 \cdot 14} = 6996.17168 \dots

Round to the nearest hundredth:

6996.17

Amount : 6996.17

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