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شائع Word Problems >

You deposit 130 in an investment account that earns 3.6% annual interest compounded monthly.What is the balance of the account after 6 years?

الحلّ

Y o u d e p os i t 130 in an in v es t m e n t a cco u n t t ha t e a r n s 3.6% ann u a l 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 o f t h e a cco u n t a f t er 6 ye a rs ?

الحلّ

Amount : 161.29

خطوات الحلّ

Translate the problem into an equation:

A = 130 (1 + \frac{0.036}{12})^{12 \cdot 6}

130 (1 + \frac{0.036}{12})^{12 \cdot 6} = 161.29114 \dots

Round to the nearest hundredth:

161.29

Amount : 161.29

أمثلة شائعة

Three less than four times a certain number is equal to 21. Find the number.eight less than the product of 6 and a number is equal to 9 You invest 1,560 for 20 years that compounds interest at 4.50% per annum. What proportion of the future value at the end of year 20 is made up of the interest on the interest? Please give your answer to two decimal places.If three times a number is increased by 4, the result is-8. Determine the number Joy opened a savings account and deposited 665.00. The account earns 11% interest, compounded monthly. If she wants to use the money to buy a new bicycle in 2 years, how much will she be able to spend on the bike?