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Beliebt Word Problems >

You deposit 3000 in an account earning 2% interest compounded monthly. How much will you have in the account in 48.56 years?

Lösung

Y o u d e p os i t 3000 in an a cco u n t e a r nin g 2% 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 yo u ha v e in t h e a cco u n t in 48.56 ye a rs ?

Lösung

Amount : 7916.93

Schritte zur Lösung

Translate the problem into an equation:

A = 3000 (1 + \frac{0.02}{12})^{12 \cdot 48.56}

3000 (1 + \frac{0.02}{12})^{12 \cdot 48.56} = 7916.93276 \dots

Round to the nearest hundredth:

7916.93

Amount : 7916.93

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