Bill invested 4200 in an account that pays an annual interest rate of 3.1%, compounded monthly. Find the amount in the account after one year, assuming no withdrawals are made.Do not round any intermediate computations, and round your answer to the nearest cent.

Lời Giải

B i ll in v es t e d 4200 in an a cco u n t t ha t p a ys an ann u a l in t eres t r a t e o f 3.1%, co m p o u n d e d m o n t h l y . F in d t h e am o u n t in t h e a cco u n t a f t er o n e ye a r, a ss u min g n o w i t h d r a w a l s a re ma d e . Do n o t ro u n d an y in t er m e d ia t e co m p u t a t i o n s, an d ro u n d yo u r an s w er t o t h e n e a res t ce n t .

Amount : 4332.07

Các bước giải pháp

Translate the problem into an equation:

A = 4200 (1 + \frac{0.031}{12})^{12 \cdot 1}

4200 (1 + \frac{0.031}{12})^{12 \cdot 1} = 4332.06594 \dots

Làm tròn đến hundredth gần nhất:

4332.07

Amount : 4332.07