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Popular Word Problems >

Kyle invested 15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years with monthly compounding?

Solution

Ky l e in v es t e d 15, 000 in a s a v in g s a cco u n t . I f t h e in t eres t r a t e i s 5% p er ye a r, h o w m u c h w i ll b e in t h e a cco u n t in 10 ye a rs w i t h m o n t h l y co m p o u n d in g ?

Solution

Amount : 24705.14

Solution steps

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{12})^{12 \cdot 10}

15000 (1 + \frac{0.05}{12})^{12 \cdot 10} = 24705.14246 \dots

Round to the nearest hundredth:

24705.14

Amount : 24705.14

Popular Examples

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