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Popular Word Problems >

An account is opened with an initial deposit of 100 and earns 3.0% interest compounded monthly.What will the account be worth in 25 years?

Solution

implicit derivative

a cco u n t i s o p e n e d w i t h an ini t ia l d e p os i t o f 100 an d e a r n s 3.0% 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 t h e a cco u n t b e w or t h in 25 ye a rs ?

Solution

Amount : 211.5

Solution steps

Translate the problem into an equation:

A = 100 (1 + \frac{0.03}{12})^{12 \cdot 25}

100 (1 + \frac{0.03}{12})^{12 \cdot 25} = 211.50195 \dots

Round to the nearest hundredth:

211.5

Amount : 211.5

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