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Populaire Word Problems >

Mackenzie opened a savings account and deposited 7,000.00 as principal. The account earns 12% interest, compounded monthly. What is the balance after 2 years?

Solution

M a c k e n z i e 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 7, 000.00 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 2 ye a rs ?

Solution

Amount : 8888.14

étapes des solutions

Translate the problem into an equation:

A = 7000 (1 + \frac{0.12}{12})^{12 \cdot 2}

7000 (1 + \frac{0.12}{12})^{12 \cdot 2} = 8888.14253 \dots

Arrondir à hundredth la plus proche:

8888.14

Amount : 8888.14

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