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Popular Word Problems >

Find the balance in the account after the given period. 2400 deposit earning 3.9 % compounded monthly, after 2 years.

Solution

solve for

t h e ba l an ce in t h e a cco u n t a f t er t h e g i v e n p er i o d . 2400 d e p os i t e a r nin g 3.9 % co m p o u n d e d ​ m o n t h l y, a f t er 2 ye a rs .

Solution

Amount : 2594.37

Solution steps

Translate the problem into an equation:

A = 2400 (1 + \frac{0.039}{12})^{12 \cdot 2}

2400 (1 + \frac{0.039}{12})^{12 \cdot 2} = 2594.36623 \dots

Round to the nearest hundredth:

2594.37

Amount : 2594.37

Popular Examples

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