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Popular Word Problems >

You deposit 2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?

Solution

Y o u d e p os i t 2000 in an a cco u n t e a r nin g 3% 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 yo u ha v e in t h e a cco u n t in 5 ye a rs ?

Solution

Amount : 2323.23

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.03}{12})^{12 \cdot 5}

2000 (1 + \frac{0.03}{12})^{12 \cdot 5} = 2323.23356 \dots

Round to the nearest hundredth:

2323.23

Amount : 2323.23

Popular Examples

Imani invests 8,268 in a retirement account with a fixed annual interest rate of 8% compounded 3 times per year. How long will it take for the account balance to reach 40,102.20?Carlos invests 4540 at a rate of r% per year compound interest.At the end of 10 years he has earned 1328.54 in interest.Calculate the value of r query=7 decreased by twice a number is 11 12 is 75% of what number The result of doubling a number is at most 30, what is the number?