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Populaire Word Problems >

Philip opened a savings account and deposited 200.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?Round your answer to the nearest cent.

Solution

P hi l i p 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 200.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% 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 9 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solution

Amount : 239.41

étapes des solutions

Translate the problem into an equation:

A = 200 (1 + \frac{0.02}{12})^{12 \cdot 9}

200 (1 + \frac{0.02}{12})^{12 \cdot 9} = 239.40759 \dots

Arrondir à hundredth la plus proche:

239.41

Amount : 239.41

Exemples populaires

twelve times the square of a positive number is five more than four times the same number. Find the number If we subtract 28 from a whole number, it is reduced by two thirds. What is the original number?five times a number,subtracted from twenty,is triple the number The sqrt(51) is between which two positive consecutive integers the sum of two numbers is 21. twice the smaller number is three more than the larger number