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Popular Word Problems >

Edmond puts 1,000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 6 years?

Solution

E d m o n d 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 8% 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 6 ye a rs ?

Solution

Amount : 1613.5

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.08}{12})^{12 \cdot 6}

1000 (1 + \frac{0.08}{12})^{12 \cdot 6} = 1613.50216 \dots

Round to the nearest hundredth:

1613.5

Amount : 1613.5

Popular Examples

Find the balance if 23000 is invested in an account paying 7.5 % interest compounded semi-annually for 20 years.The balance will be I took five 100 bills down to the bank. They told me that if I kept all of that money in their bank for at least two years they would guarantee me 3% interest compounded monthly. How much will you have after 2 years One number is five more than twice another. If their sum is decreased by ten, the result is 22 Dakota deposited 500 in an account earning 10% interest compounded annually.To the nearest cent, how much interest will she earn in 3 years?Ariana invested 7,500 in an account paying an interest rate of 2.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?