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Popular Word Problems >

You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded monthly.

Solution

Y o u d e p os i t 2500 in a s a v in g s a cco u n t . F in d t h e ba l an ce a f t er 4 ye a rs i f t h e a cco u n t e a r n s 2% in t eres t co m p o u n d e d m o n t h l y .

Solution

Amount : 2708.04

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.02}{12})^{12 \cdot 4}

2500 (1 + \frac{0.02}{12})^{12 \cdot 4} = 2708.03732 \dots

Round to the nearest hundredth:

2708.04

Amount : 2708.04

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