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Sara invests 570 in an account with the interest rate of 13% compounded monthly. How much money will she have in the account after 5 years? Write your answer as a number rounded to two decimal places, without the dollar symbol, any other symbols or spaces.

Solution

Solution

Amount : 1088.05

Solution steps

Translate the problem into an equation:

A = 570 (1 + \frac{0.13}{12})^{12 \cdot 5}

570 (1 + \frac{0.13}{12})^{12 \cdot 5} = 1088.04822 \dots

Round to the nearest hundredth:

1088.05

Amount : 1088.05

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