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Popular Word Problems >

Lynja has invested 1500 in an account that pays 4% interest compounded monthly for 13 years. How much more will be in the account at the end of that time

Solution

L y nja ha s in v es t e d 1500 in an a cco u n t t ha t p a ys 4% in t eres t co m p o u n d e d m o n t h l y f or 13 ye a rs . Ho w m u c h m ore w i ll b e in t h e a cco u n t a t t h e e n d o f t ha t t im e

Solution

Amount : 2520.86

Solution steps

Translate the problem into an equation:

A = 1500 (1 + \frac{0.04}{12})^{12 \cdot 13}

1500 (1 + \frac{0.04}{12})^{12 \cdot 13} = 2520.86062 \dots

Round to the nearest hundredth:

2520.86

Amount : 2520.86

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