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Popular Word Problems >

Find the amount Erica owes at the end of 2 years if 5400 is loaned to her at a rate of 8 % compounded monthly

Solução

F in d t h e am o u n t E r i c a o w es a t t h e e n d o f 2 ye a rs i f ​5400 i s l o an e d t o h er a t a r a t e o f 8 % co m p o u n d e d m o n t h l y

Solução

Amount : 6333.59

Passos da solução

Translate the problem into an equation:

A = 5400 (1 + \frac{0.08}{12})^{12 \cdot 2}

5400 (1 + \frac{0.08}{12})^{12 \cdot 2} = 6333.59483 \dots

Round to the nearest hundredth:

6333.59

Amount : 6333.59

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