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Popular Word Problems >

Maya deposits 5000 into a checking account that pays 0.75% annual interest compounded monthly. What will be the balance after 8 years? Round to the nearest cent.

Solution

M a y a d e p os i t s 5000 in t o a c h ec kin g a cco u n t t ha t p a ys 0.75% ann u a l in t eres t 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 a f t er 8 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 5309.08

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.0075}{12})^{12 \cdot 8}

5000 (1 + \frac{0.0075}{12})^{12 \cdot 8} = 5309.08322 \dots

Round to the nearest hundredth:

5309.08

Amount : 5309.08

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