en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular 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

Solution steps

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

Round to the nearest hundredth:

4048.06

Amount : 4048.06

Popular Examples

Melanie invests 7600 in a new savings account which earns 4.0% annual interest, compounded monthly. What will be the value of her investment after 2 years? Round to the nearest cent.the sum of twice a number and 5 is 13 less than the opposite of a number dale has 2000 to invest. his goal is to have 4, 800 in this investment in 8 years. at what annual rate compounded continuously will dale reach his goal?The sum of 6 times a number and 5 is equal to 7.MA110 Elementary Statistics Assignment 15 Topic 5c You roll a six sided die and pull a card from a deck. What is the probability that you will roll an even number and pull a face card from the deck?