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Popular Word Problems >

Hope invests 8,000 into an account that compounds monthly at an interest rate of 6%. How much money will Hope have in the account after 10 years?

Solution

Ho p e in v es t s 8, 000 in t o an a cco u n t t ha t co m p o u n d s m o n t h l y a t an in t eres t r a t e o f 6%. Ho w m u c h m o n ey w i ll Ho p e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solution

Amount : 14555.17

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.06}{12})^{12 \cdot 10}

8000 (1 + \frac{0.06}{12})^{12 \cdot 10} = 14555.17387 \dots

Round to the nearest hundredth:

14555.17

Amount : 14555.17

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