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Beliebt Word Problems >

Judy opened a savings account and deposited 800.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 4 years?

Lösung

J u d y 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 4% 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 4 ye a rs ?

Lösung

Amount : 938.56

Schritte zur Lösung

Translate the problem into an equation:

A = 800 (1 + \frac{0.04}{12})^{12 \cdot 4}

800 (1 + \frac{0.04}{12})^{12 \cdot 4} = 938.55893 \dots

Round to the nearest hundredth:

938.56

Amount : 938.56

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