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Populaire Word Problems >

Feeling like an actual adult, at age 22 Ammar invests \text{2500 into an index fund at a rate of 6%. If Ammar plans to hold this account until retirement (approximately 43 years from now), how much will Ammar have if interest is compounded monthly?:}

Solution

Solution

Amount : 288.48

étapes des solutions

Translate the problem into an equation:

A = 22 (1 + \frac{0.06}{12})^{12 \cdot 43}

22 (1 + \frac{0.06}{12})^{12 \cdot 43} = 288.47657 \dots

Arrondir à hundredth la plus proche:

288.48

Amount : 288.48

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