en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Find the accumulated value of an investment of 5000 at 5% compounded monthly for 8 years.

Solution

solve for

t h e a cc u m u l a t e d v a l u e o f an in v es t m e n t o f 5000 a t 5% co m p o u n d e d m o n t h l y f or 8 ye a rs .

Solution

Amount : 7452.93

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{12})^{12 \cdot 8}

5000 (1 + \frac{0.05}{12})^{12 \cdot 8} = 7452.92733 \dots

Round to the nearest hundredth:

7452.93

Amount : 7452.93

Popular Examples

a number plus 14 What is the result when the number 63 is increased by 3%?The sum of 4 consecutive odd integers is 72 Jayla is saving up money to buy a car. Jayla puts 7,000.00 into an account which earns 3% interest, compounded monthly. How much will she have in the account after 3 years?Three increased by the product of a number and 2 is at least-25.