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Beliebt Word Problems >

You deposit 3500 in an account that pays 1.26% annual interest. Find the balance after 6 years when the interest is compounded monthly.

Lösung

Y o u d e p os i t 3500 in an a cco u n t t ha t p a ys 1.26% ann u a l in t eres t . F in d t h e ba l an ce a f t er 6 ye a rs w h e n t h e in t eres t i s co m p o u n d e d m o n t h l y .

Lösung

Amount : 3774.71

Schritte zur Lösung

Translate the problem into an equation:

A = 3500 (1 + \frac{0.0126}{12})^{12 \cdot 6}

3500 (1 + \frac{0.0126}{12})^{12 \cdot 6} = 3774.70904 \dots

Round to the nearest hundredth:

3774.71

Amount : 3774.71

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