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Popular Word Problems >

Joann invested 43,700 at 12% to be compounded monthly. What will be the value of Joann's investment in 4 years? Round your answer to the nearest cent, if necessary.

Solution

J o ann in v es t e d 43, 700 a t 12% t o b e co m p o u n d e d m o n t h l y . Wha t w i ll b e t h e v a l u e o f J o an n^{'} s in v es t m e n t in 4 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t, i f n ecess a ry .

Solution

Amount : 70454.28

Solution steps

Translate the problem into an equation:

A = 43700 (1 + \frac{0.12}{12})^{12 \cdot 4}

43700 (1 + \frac{0.12}{12})^{12 \cdot 4} = 70454.27959 \dots

Round to the nearest hundredth:

70454.28

Amount : 70454.28

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