Popular >

Britney opened a savings account and deposited 300.00 as principal. The account earns 11% interest, compounded monthly. What is the balance after 8 years?

Solution

Solution

Amount : 720.38

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.11}{12})^{12 \cdot 8}

300 (1 + \frac{0.11}{12})^{12 \cdot 8} = 720.37623 \dots

Round to the nearest hundredth:

720.38

Amount : 720.38

Popular Examples

the difference of a twenty and a number The sum of two numbers is 65 and their difference is 9. What are the two numbers?Find the diameter of a circle with a circumference of 25.12in. Use 3.14 for pi A merchant market up a radio 25% over his cost and then sold it for \$60 . What is his cost for the ratio?Ernesto has 20 in an account. The interest rate is 10% compounded annually.To the nearest cent, how much interest will he earn in 1 year?