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Popolare Word Problems >

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3,940, requals5.5%, tequals19 years; compounded monthly

Soluzione

F in d t h e am o u n t in t h e a cco u n t f or t h e g i v e n ​ p r in c i p a l, in t eres t ​ r a t e, t im e, an d co m p o u n d in g p er i o d . P e q u a l s ​3, 940​, re q u a l s 5.5​%, t e q u a l s 19 ​ ye a rs; co m p o u n d e d m o n t h l y

Soluzione

Amount : 11176.27

Fasi della soluzione

Translate the problem into an equation:

A = 3940 (1 + \frac{0.055}{12})^{12 \cdot 19}

3940 (1 + \frac{0.055}{12})^{12 \cdot 19} = 11176.27495 \dots

Arrotondare all' hundredth più vicino:

11176.27

Amount : 11176.27

Esempi popolari

Find the two consecutive integers such that three times the smaller integer added to two times the greater integer equals 42 Find two consecutive whole numbers that sqrt(47) lies between.42 decreased by twice a number How much would you need to deposit in an account now in ordine to have 4000 in the account in 10 years? Assume the account earns 7% interest compounded monthly.The differenza of 10 and a number is-1