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Beliebt Word Problems >

Find the balance if 19000 is invested in an account paying 4 % interest compounded monthly for 13 years.

Lösung

F in d t h e ba l an ce i f 19000 i s in v es t e d in an a cco u n t p a y in g 4 % in t eres t co m p o u n d e d m o n t h l y f or 13 ye a rs .

Lösung

Amount : 31930.9

Schritte zur Lösung

Translate the problem into an equation:

A = 19000 (1 + \frac{0.04}{12})^{12 \cdot 13}

19000 (1 + \frac{0.04}{12})^{12 \cdot 13} = 31930.90129 \dots

Round to the nearest hundredth:

31930.9

Amount : 31930.9

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