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Beliebt Word Problems >

Aaliyah puts 400.00 into an account to use for school expenses. The account earns 15% interest, compounded monthly. How much will be in the account after 7 years?

Lösung

A a l i y ah p u t s 400.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 15% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 7 ye a rs ?

Lösung

Amount : 1135.65

Schritte zur Lösung

Translate the problem into an equation:

A = 400 (1 + \frac{0.15}{12})^{12 \cdot 7}

400 (1 + \frac{0.15}{12})^{12 \cdot 7} = 1135.64520 \dots

Round to the nearest hundredth:

1135.65

Amount : 1135.65

Beliebte Beispiele

You randomly select one card from a 52-card deck. Find the probability of selecting a red eight or a black nine.Seven plus a number is forty.Suppose that 12,000is deposited for seven years at 4% APR. Calculate the interest earned if interest is compounded monthly. Round your answer to the nearest cent.tim has five apples he gave three to amelia how many apples does time have now the sum of two numbers is 56. Their differenz is 18. Find the numbers