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Популярное Word Problems >

Evelyn puts 500.00 into an account to use for school expenses. The account earns 12% interest, compounded monthly. How much will be in the account after 9 years?

Решение

E v e l y n p u t s 500.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 12% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 9 ye a rs ?

Решение

Amount : 1464.46

Шаги решения

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{12})^{12 \cdot 9}

500 (1 + \frac{0.12}{12})^{12 \cdot 9} = 1464.46289 \dots

Округлите до ближайшего hundredth:

1464.46

Amount : 1464.46

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