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Popular Word Problems >

find the amont of money in an account after 9 years if 4600is deposited at 5 percent annual interest compounded monthly

Solution

solve for

t h e am o n t o f m o n ey in an a cco u n t a f t er 9 ye a rs i f 4600 i s d e p os i t e d a t 5 p erce n t ann u a l in t eres t co m p o u n d e d m o n t h l y

Solution

Amount : 7207.49

Solution steps

Translate the problem into an equation:

A = 4600 (1 + \frac{0.05}{12})^{12 \cdot 9}

4600 (1 + \frac{0.05}{12})^{12 \cdot 9} = 7207.49458 \dots

Round to the nearest hundredth:

7207.49

Amount : 7207.49

Popular Examples

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