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Populaire Word Problems >

Angela deposits 5000 into an account with an APR of 2.2% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

A n g e l a d e p os i t s 5000 in t o an a cco u n t w i t h an A PR o f 2.2% f or 8 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d m o n t h l y . R o u n d yo u r an s w er t o t h e n e a res t h u n d re d t h, i f n ecess a ry .

Solution

Amount : 5961.23

étapes des solutions

Translate the problem into an equation:

A = 5000 (1 + \frac{0.022}{12})^{12 \cdot 8}

5000 (1 + \frac{0.022}{12})^{12 \cdot 8} = 5961.22964 \dots

Arrondir à hundredth la plus proche:

5961.23

Amount : 5961.23

Exemples populaires

The sum of the squares of two consecutive integers is 41 . Find the integers.Find the future value and interest earned if 8704.56 is invested for 8 years at 6% compounded continuously The différence of two positive numbers is 3 and the sum of their squares is 117. Find the numbers.The diameter of a circle is 14cm Find the circonférence to the nearest tenth Tori puts 3,000.00 into an account to use for school expenses. The account earns 12% interest, compounded quarterly. How much will be in the account after 8 years?