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You deposit 500,000 into a bank account that pays you 6% annual rate compounded monthly. How much money you will have in your account in 1 year?

Solution

You deposit 500, 000 into a bank account that pays you 6% annual rate compounded monthly. How much money you will have in your account in 1 year?

Solution

Amount : 530838.91

Solution steps

Translate the problem into an equation:

A = 500000 (1 + \frac{0.06}{12})^{12 \cdot 1}

500000 (1 + \frac{0.06}{12})^{12 \cdot 1} = 530838.90593 \dots

Round to the nearest hundredth:

530838.91

Amount : 530838.91

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