Popular >

Angie is saving up money to buy a car. Angie puts 5,487.00 into an account which earns 2.67% interest, compounded monthly. How much will she have in the account after 5 years?

Solution

Angie is saving up money to buy a car. Angie puts 5, 487.00 into an account which earns 2.67% interest, compounded monthly. How much will she have in the account after 5 years?

Solution

Amount : 6269.73

Solution steps

Translate the problem into an equation:

A = 5487 (1 + \frac{0.0267}{12})^{12 \cdot 5}

5487 (1 + \frac{0.0267}{12})^{12 \cdot 5} = 6269.73042 \dots

Round to the nearest hundredth:

6269.73

Amount : 6269.73

Popular Examples

The sum of the ages of Timmy and John is 30. How old are they, if John is twice as old as Timmy?Find the final amount of money in an account if 2,200 is deposited at 6.5% interest compounded weekly and the money is left for 10 years.the circumference of a circle is 12pi m. Find its diameter in meters Find the future value and interest earned if 8706.54 is invested for 8 years at 4% compounded continuously The circumference of a circle is 16pi kilometers. What is the area?