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Popular Word Problems >

Roger puts 700.00 into an account to use for school expenses. The account earns 6% interest, compounded monthly. How much will be in the account after 7 years?

Solution

R o g er p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 1064.26

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.06}{12})^{12 \cdot 7}

700 (1 + \frac{0.06}{12})^{12 \cdot 7} = 1064.25874 \dots

Round to the nearest hundredth:

1064.26

Amount : 1064.26

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