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You deposit 4000 in an account earning 6% interest compounded monthly. How much will you have in the account in 5 years? Round to the nearest cent.

Solution

You deposit 4000 in an account earning 6% interest compounded monthly. How much will you have in the account in 5 years? Round to the nearest cent.

Solution

Amount : 5395.4

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.06}{12})^{12 \cdot 5}

4000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 5395.40061 \dots

Round to the nearest hundredth:

5395.4

Amount : 5395.4

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