he

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

פּוֹפּוּלָרִי Word Problems >

You deposit 550 in an account that pays 5% annual interest. What is the balance after 3 years if the interest is compounded monthly?

פתרון

Y o u d e p os i t 550 in an a cco u n t t ha t p a ys 5% ann u a l in t eres t . Wha t i s t h e ba l an ce a f t er 3 ye a rs i f t h e in t eres t i s co m p o u n d e d m o n t h l y ?

פתרון

Amount : 638.81

צעדי פתרון

Translate the problem into an equation:

A = 550 (1 + \frac{0.05}{12})^{12 \cdot 3}

550 (1 + \frac{0.05}{12})^{12 \cdot 3} = 638.80972 \dots

Round to the nearest hundredth:

638.81

Amount : 638.81

דוגמאות פופולריות

Jasmine deposited 700 in an account earning 9% interest compounded annually.To the nearest cent, how much will she have in 1 year?How many years will it take for an initial investment of 10,000 to grow to 25,000 at an interest rate of 6% compounded continuously?You deposit 5000 in an account earning 2% interest compounded continuously. How much will you have in the account in 15 years?Suppose 7500 is invested at 5% compounded continuously. Approximately how many years will it take for the amount to grow to 16,700?The sum of 18 and a number is four times that number. What is the number.