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Populaire Word Problems >

Sandra puts 2,000.00 into an account to use for school expenses. The account earns 6% interest, compounded monthly. How much will be in the account after 8 years?

Solution

S an d r a p u t s 2, 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 6% 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 ?

Solution

Amount : 3228.29

étapes des solutions

Translate the problem into an equation:

A = 2000 (1 + \frac{0.06}{12})^{12 \cdot 8}

2000 (1 + \frac{0.06}{12})^{12 \cdot 8} = 3228.28541 \dots

Arrondir à hundredth la plus proche:

3228.29

Amount : 3228.29

Exemples populaires

two times a number is less than four more than that number Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. Round your answer to the nearest cent.r=2.16% , compounded quarterly The distance Elizabeth travels on her bicycle caries directly the amount of time she rides. Elizabeth can travel 15 miles in 2.5 hours on her bicycle. How far would Elizabeth travel of she rides her bicycle for 4 hours?of a cercle with a radius of 0.5m :was the area of the sand mandala? Use 3.14 for pi 7th\ number = 29