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Popolare Word Problems >

Lily opened a savings account and deposited 763.00 as principal. The account earns 6% interest, compounded monthly. What is the balance after 8 years?

Soluzione

L i l y o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 763.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d m o n t h l y . Wha t i s t h e ba l an ce a f t er 8 ye a rs ?

Soluzione

Amount : 1231.59

Fasi della soluzione

Translate the problem into an equation:

A = 763 (1 + \frac{0.06}{12})^{12 \cdot 8}

763 (1 + \frac{0.06}{12})^{12 \cdot 8} = 1231.59088 \dots

Arrotondare all' hundredth più vicino:

1231.59

Amount : 1231.59

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8 years ago, Chad won some money in the lottery and put it in a bank account that earns 2% interest compounded annually. If Chad currently has 100.00 in the bank account, how much interest has he earned?Austen puts 4,347.00 into an account to use for school expenses. The account earns 8.88% interest, compounded annually. How much will be in the account after 10 years?8 times a number plus 15 to equal to 6 times the number minus 41. find number Madeline invested 2, 800 in an account paying an interest rate of 4.4% compounded annually. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 6100 one third of a number is no more than nine