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Popular Word Problems >

Find the compound amount for the deposit and the amount of interested earned.\$16,000 at %6 compounded monthly for 20 years.

Solução

F in d t h e co m p o u n d am o u n t f or t h e d e p os i t an d t h e am o u n t o f in t eres t e d e a r n e d .$16, 000 a t %6 co m p o u n d e d m o n t h l y f or 20 ye a rs .

Solução

Amount : 52963.27

Passos da solução

Translate the problem into an equation:

A = 16000 (1 + \frac{0.06}{12})^{12 \cdot 20}

16000 (1 + \frac{0.06}{12})^{12 \cdot 20} = 52963.27161 \dots

Round to the nearest hundredth:

52963.27

Amount : 52963.27

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