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Popular Word Problems >

Kelly puts 300.00 into an account to use for school expenses. The account earns 13% interest, compounded monthly. How much will be in the account after 5 years? round to the nearest cent

Solution

Ke ll y p u t s 300.00 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 13% 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 5 ye a rs ? ro u n d t o t h e n e a res t ce n t

Solution

Amount : 572.66

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.13}{12})^{12 \cdot 5}

300 (1 + \frac{0.13}{12})^{12 \cdot 5} = 572.65696 \dots

Round to the nearest hundredth:

572.66

Amount : 572.66

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