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Popular Word Problems >

4000 is invested for 13 years with an APR of 2.48% and monthly compounding. what would The balance in the account after 13 years.

Solução

4000 i s in v es t e d f or 13 ye a rs w i t h an A PR o f 2.48​% an d m o n t h l y co m p o u n d in g . w ha t w o u l d T h e ba l an ce in t h e a cco u n t a f t er 13 ye a rs .

Solução

Amount : 5519.91

Passos da solução

Translate the problem into an equation:

A = 4000 (1 + \frac{0.0248}{12})^{12 \cdot 13}

4000 (1 + \frac{0.0248}{12})^{12 \cdot 13} = 5519.91064 \dots

Round to the nearest hundredth:

5519.91

Amount : 5519.91

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