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Beliebt Word Problems >

Caden puts 3,319.00 into an account to use for school expenses. The account earns 4.98% interest, compounded monthly. How much will be in the account after 8 years?

Lösung

C a d e n p u t s 3, 319.00 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 4.98% 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 : 4939.38

Schritte zur Lösung

Translate the problem into an equation:

A = 3319 (1 + \frac{0.0498}{12})^{12 \cdot 8}

3319 (1 + \frac{0.0498}{12})^{12 \cdot 8} = 4939.37661 \dots

Round to the nearest hundredth:

4939.38

Amount : 4939.38

Beliebte Beispiele

2 years ago, Ian won some money in the lottery and put it in a bank account that earns 4% interest compounded annually. If Ian currently has 200.00 in the bank account, how much interest has he earned?7 more than the differenz of 14 and a number is 30 minus 16 The diameter of a circle is 15 cm. Find the kreisumfang to the nearest tenth 3 is decreased by a number.Find the probability of getting a sum of 7 on the first toss of two dice and a sum of 4 on the second toss. Let A be the first event, getting a sum of 7.Let B be the second event, getting a sum of 4.