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Popular Word Problems >

Mark puts 2,000.00 into an account to use for school expenses. The account earns 15% interest, compounded monthly. How much will be in the account after 8 years?

Solution

M a r k p u t s 2, 000.00 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 15% 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 8 ye a rs ?

Solution

Amount : 6591.03

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.15}{12})^{12 \cdot 8}

2000 (1 + \frac{0.15}{12})^{12 \cdot 8} = 6591.02648 \dots

Round to the nearest hundredth:

6591.03

Amount : 6591.03

Popular Examples

Max puts 700.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 8 years?eight less than a number 105% of what number is 37.8 You have 15,000 to invest in a retirement account. The fund increases at a rate of 10% compounded monthly. What will be the value of the investment at the end of 30 years? Round to the nearest dollar.Ruby invested 300 in an account paying an interest rate of 6.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 13 years?