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Populaire Word Problems >

Emily puts 1,000.00 into an account to use for school expenses. The account earns 15% interest, compounded monthly. How much will be in the account after 8 years?

Solution

E mi l y p u t s 1, 000.00 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 15% 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 8 ye a rs ?

Solution

Amount : 3295.51

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{12})^{12 \cdot 8}

1000 (1 + \frac{0.15}{12})^{12 \cdot 8} = 3295.51324 \dots

Arrondir à hundredth la plus proche:

3295.51

Amount : 3295.51

Exemples populaires

A person places 398 in an investment account earning an annual rate of 9.7%, compounded continuously, determine the amount of money, to the nearest cent, in the account after 7 years.Kendra has 1,757 in an account that earns 12% interest compounded annually.To the nearest cent, how much interest will she earn in 1 year?The product of two consecutive positive numbers is 42 . Find the numbers.Nine more than the quotient of a number and 2 equals 7.The sum of 2 times a number and 4 equals 3