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Popular Word Problems >

Raymond puts 700.00 into an account to use for school expenses. The account earns 5% interest, compounded monthly. How much will be in the account after 10 years?

Solution

R a y m o n d p u t s 700.00 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 5% 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 10 ye a rs ?

Solution

Amount : 1152.91

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.05}{12})^{12 \cdot 10}

700 (1 + \frac{0.05}{12})^{12 \cdot 10} = 1152.90664 \dots

Round to the nearest hundredth:

1152.91

Amount : 1152.91

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