en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

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

Solution

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

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

an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?If 240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years?If 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to 7500 at 8%?Malik deposits 5000 in an account that pays 3.9% interest compounded continuously. What will be the value of the account in 8 years?If 535 is invested at an interest rate of 6% per year and is compounded continuously, how much will the investment be worth in 10 years?