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Popular Word Problems >

Maureen opened a savings account and deposited 600.00 as principal. The account earns 9% interest, compounded monthly. What is the balance after 5 years? round to nearest tenth

Solution

M a u ree n o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 600.00 a s p r in c i p a l . T h e a cco u n t e a r n s 9% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ? ro u n d t o n e a res t t e n t h

Solution

Amount : 939.41

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.09}{12})^{12 \cdot 5}

600 (1 + \frac{0.09}{12})^{12 \cdot 5} = 939.40861 \dots

Round to the nearest hundredth:

939.41

Amount : 939.41

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