en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

You deposit 3000 in an account earning 7% interest compounded monthly. How much will you have in the account in 15 years?

Solution

You deposit 3000 in an account earning 7% interest compounded monthly. How much will you have in the account in 15 years?

Solution

Amount : 8546.84

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.07}{12})^{12 \cdot 15}

3000 (1 + \frac{0.07}{12})^{12 \cdot 15} = 8546.84019 \dots

Round to the nearest hundredth:

8546.84

Amount : 8546.84

Popular Examples

Twice the difference of a number and 5 is equal to 9.Lauren's age is half of Joe's age. Emma is seven years older than Joe. The sum of Lauren, Emma, and Joe's age is 35. How old is Joe?The radius of a circle is 6 meters. What is the circle's area?the sum of two consecutive even integers is 70. find the two integers thrice a number decreased by 2 exceeds twice the number unit