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Popular Word Problems >

Angela deposits 4000 into an account with an APR of 3.5% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solução

A n g e l a d e p os i t s 4000 in t o an a cco u n t w i t h an A PR o f 3.5% f or 8 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d m o n t h l y . R o u n d yo u r an s w er t o t h e n e a res t h u n d re d t h, i f n ecess a ry .

Solução

Amount : 5290.36

Passos da solução

Translate the problem into an equation:

A = 4000 (1 + \frac{0.035}{12})^{12 \cdot 8}

4000 (1 + \frac{0.035}{12})^{12 \cdot 8} = 5290.36276 \dots

Round to the nearest hundredth:

5290.36

Amount : 5290.36

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