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Popular Word Problems >

calculate the approximate compound amount in 2 years on R5000.00 deposited in an account paying 7% interest, compounded monthly

Solução

c a l c u l a t e t h e a pp ro x ima t e co m p o u n d am o u n t in 2 ye a rs o n R 5000.00 d e p os i t e d in an a cco u n t p a y in g 7% in t eres t, co m p o u n d e d m o n t h l y

Solução

Amount : 5749.03

Passos da solução

Translate the problem into an equation:

A = 5000 (1 + \frac{0.07}{12})^{12 \cdot 2}

5000 (1 + \frac{0.07}{12})^{12 \cdot 2} = 5749.03008 \dots

Round to the nearest hundredth:

5749.03

Amount : 5749.03

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