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Popular Word Problems >

You invest 5, 000 into an account that is compounded at 4% monthly. How much money will be in the account after 5 years?

Solução

Y o u in v es t 5, 000 in t o an a cco u n t t ha t i s co m p o u n d e d a t 4% m o n t h l y . Ho w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solução

Amount : 6104.98

Passos da solução

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 5}

5000 (1 + \frac{0.04}{12})^{12 \cdot 5} = 6104.98296 \dots

Round to the nearest hundredth:

6104.98

Amount : 6104.98

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