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Popular Word Problems >

Barry opened a savings account and deposited 6,014.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 5 years?

Solução

B a rry o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 6, 014.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solução

Amount : 10925.61

Passos da solução

Translate the problem into an equation:

A = 6014 (1 + \frac{0.12}{12})^{12 \cdot 5}

6014 (1 + \frac{0.12}{12})^{12 \cdot 5} = 10925.61394 \dots

Round to the nearest hundredth:

10925.61

Amount : 10925.61

Exemplos populares

Select all the expressions that are equivalent to 40% of 90 What number is 110% of 70 The square of a number is 256 . Find the number. Answer A number is divisible by 5 if the Four more than the quotient of a number and 7 is equal to 2.