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Popular Word Problems >

if 1250 are deposited into an account with 6.5% interest rate, compounded monthly, what is the balance after 8 years

Solução

i f 1250 a re d e p os i t e d in t o an a cco u n t w i t h 6.5% in t eres t r a t e, co m p o u n d e d m o n t h l y, w ha t i s t h e ba l an ce a f t er 8 ye a rs

Solução

Amount : 2099.59

Passos da solução

Translate the problem into an equation:

A = 1250 (1 + \frac{0.065}{12})^{12 \cdot 8}

1250 (1 + \frac{0.065}{12})^{12 \cdot 8} = 2099.58621 \dots

Round to the nearest hundredth:

2099.59

Amount : 2099.59

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