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Popular Word Problems >

Jestoni deposits 520 into savings account that has a 3.5 % interest rate compounded monthly. What will be the:balance of Jestoni's savings account after 2 years?

Solution

J es t o ni d e p os i t s 520 in t o s a v in g s a cco u n t t ha t ha s a 3.5 % in t eres t r a t e co m p o u n d e d m o n t h l y . Wha t w i ll b e t h e : ba l an ce o f J es t o n i^{'} s s a v in g s a cco u n t a f t er 2 ye a rs ?

Solution

Amount : 557.65

Solution steps

Translate the problem into an equation:

A = 520 (1 + \frac{0.035}{12})^{12 \cdot 2}

520 (1 + \frac{0.035}{12})^{12 \cdot 2} = 557.64743 \dots

Round to the nearest hundredth:

557.65

Amount : 557.65

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