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Popular Word Problems >

Arianna opened a savings account and deposited 500.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 9 years?

Solution

A r ianna 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% 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 9 ye a rs ?

Solution

Amount : 783.42

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.05}{12})^{12 \cdot 9}

500 (1 + \frac{0.05}{12})^{12 \cdot 9} = 783.42332 \dots

Round to the nearest hundredth:

783.42

Amount : 783.42

Popular Examples

Eight less than six times a number is greater than nine annie sold her camera for 250 making a loss of 20% what was the cost price 4 less a number Find the time required for an investment of 5000 dollars to grow to 6700 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years. You may enter the exact value or round to 2 decimal places.22 is 20% of what number