en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 150 in an investment account that earns 4.2% annual interest compounded monthly.What is the balance of the account after 7 years?

Solution

Y o u d e p os i t 150 in an in v es t m e n t a cco u n t t ha t e a r n s 4.2% ann u a l 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 o f t h e a cco u n t a f t er 7 ye a rs ?

Solution

Amount : 201.16

Solution steps

Translate the problem into an equation:

A = 150 (1 + \frac{0.042}{12})^{12 \cdot 7}

150 (1 + \frac{0.042}{12})^{12 \cdot 7} = 201.16430 \dots

Round to the nearest hundredth:

201.16

Amount : 201.16

Popular Examples

two numbers are in a ratio of 5:2. One half of their sum is 10 1/2 . Find the numbers.when Laurel has 3 apples, she eats 1 how many are left?Abigail invested 2,900 in an account paying an interest rate of 2.8% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4,050?Two numbers add up to 37. If the smaller number is increased by half the larger number, the result is 26. Find the two numbers.Four times the sum of a number and 21 is at most 29