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Populaire Word Problems >

Shivani opened a savings account and deposited 3,000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 10 years?

Solution

S hi v ani o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 3, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 10 ye a rs ?

Solution

Amount : 4048.06

étapes des solutions

Translate the problem into an equation:

A = 3000 (1 + \frac{0.03}{12})^{12 \cdot 10}

3000 (1 + \frac{0.03}{12})^{12 \cdot 10} = 4048.06064 \dots

Arrondir à hundredth la plus proche:

4048.06

Amount : 4048.06

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