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Popular Word Problems >

Katie puts 600.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 5 years?

Solução

K a t i e p u t s 600.00 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 8% 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 5 ye a rs ?

Solução

Amount : 893.91

Passos da solução

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{12})^{12 \cdot 5}

600 (1 + \frac{0.08}{12})^{12 \cdot 5} = 893.90742 \dots

Round to the nearest hundredth:

893.91

Amount : 893.91

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