en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Siobhan deposits 1200 into a savings account that pays 5.2% annual interest compounded monthly. What will be the balance after 4 years? Round to the nearest cent.

Solution

S i o bhan d e p os i t s 1200 in t o a s a v in g s a cco u n t t ha t p a ys 5.2% 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 4 ye a rs ? R o u n d t o t h e n e a res t ce n t .

Solution

Amount : 1476.79

Solution steps

Translate the problem into an equation:

A = 1200 (1 + \frac{0.052}{12})^{12 \cdot 4}

1200 (1 + \frac{0.052}{12})^{12 \cdot 4} = 1476.79202 \dots

Round to the nearest hundredth:

1476.79

Amount : 1476.79

Popular Examples

A couple deposits 21,000 into an account earning 6% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.7 more than a number Conner invested 1000 dollars in a account 5 years ago. The balance is 1216.55 dollars now. What is the interset rate?Gary is 10 years old. Nate is 1 year older than Michelle and 18 years younger than Duncan. Michelle is 3 years older than Gary. How old is Nate?An amount of 23000 is borrowed for 11 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?