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شائع Word Problems >

Find the amount of money in an account after 11 years if 2900 is deposited at 6% annual interest compounded monthly.

الحلّ

F in d t h e am o u n t o f m o n ey in an a cco u n t a f t er 11 ye a rs i f 2900 i s d e p os i t e d a t 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 .

الحلّ

Amount : 5601.68

خطوات الحلّ

Translate the problem into an equation:

A = 2900 (1 + \frac{0.06}{12})^{12 \cdot 11}

2900 (1 + \frac{0.06}{12})^{12 \cdot 11} = 5601.67811 \dots

Round to the nearest hundredth:

5601.68

Amount : 5601.68

أمثلة شائعة

find the amont of money in an account after 9 years if 4600is deposited at 5 percent annual interest compounded monthly an account is opened with an initial deposit of 6500 and earn 3.6% interest compounded semi-annually. what will the account be worth in 20 years?If 240 is invested at an interest rate of 9% per year and is compounded monthly, how much will the investment be worth in 14 years?If 2500 is invested in an account that pays interest compounded continuously, how long will it take to grow to 7500 at 8%?Malik deposits 5000 in an account that pays 3.9% interest compounded continuously. What will be the value of the account in 8 years?