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Popular Word Problems >

Mandy opened a savings account and deposited 300.00 as principal. The account earns 10% interest, compounded monthly. What is the balance after 2 years?Round your answer to the nearest cent.

Solução

M an d y 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 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 10% 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 2 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 .

Solução

Amount : 366.12

Passos da solução

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{12})^{12 \cdot 2}

300 (1 + \frac{0.1}{12})^{12 \cdot 2} = 366.11728 \dots

Round to the nearest hundredth:

366.12

Amount : 366.12

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