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Popolare Word Problems >

If 75 is invested at an interest rate of 8% per year and is compounded monthly, how much will the investment be worth in 15 years?

Soluzione

I f 75 i s in v es t e d a t an in t eres t r a t e o f 8% p er ye a r an d i s co m p o u n d e d m o n t h l y, h o w m u c h w i ll t h e in v es t m e n t b e w or t h in 15 ye a rs ?

Soluzione

Amount : 248.02

Fasi della soluzione

Translate the problem into an equation:

A = 75 (1 + \frac{0.08}{12})^{12 \cdot 15}

75 (1 + \frac{0.08}{12})^{12 \cdot 15} = 248.01911 \dots

Arrotondare all' hundredth più vicino:

248.02

Amount : 248.02

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