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Popular Word Problems >

Gary opened a savings account and deposited 1,000.00 as principal. The account earns 1% interest, compounded monthly. What is the balance after 8 years?

Solução

G a ry 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 1, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 1% 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 8 ye a rs ?

Solução

Amount : 1083.25

Passos da solução

Translate the problem into an equation:

A = 1000 (1 + \frac{0.01}{12})^{12 \cdot 8}

1000 (1 + \frac{0.01}{12})^{12 \cdot 8} = 1083.25097 \dots

Round to the nearest hundredth:

1083.25

Amount : 1083.25

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