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Popular Word Problems >

Eliana opened a savings account and deposited 3,000.00 as principal. The account earns 10% interest, compounded monthly. What is the balance after 10 years?

Solution

El iana 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 3, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 10% 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 10 ye a rs ?

Solution

Amount : 8121.12

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.1}{12})^{12 \cdot 10}

3000 (1 + \frac{0.1}{12})^{12 \cdot 10} = 8121.12447 \dots

Round to the nearest hundredth:

8121.12

Amount : 8121.12

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