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Beliebt Word Problems >

Emily puts 1,000.00 into an account to use for school expenses. The account earns 15% interest, compounded monthly. How much will be in the account after 8 years?

Lösung

E mi l y p u t s 1, 000.00 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 15% 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 8 ye a rs ?

Lösung

Amount : 3295.51

Schritte zur Lösung

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{12})^{12 \cdot 8}

1000 (1 + \frac{0.15}{12})^{12 \cdot 8} = 3295.51324 \dots

Round to the nearest hundredth:

3295.51

Amount : 3295.51

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