Khalil puts 300.00 into an account to use for school expenses. The account earns 10% interest, compounded monthly. How much will be in the account after 10 years?

Solution

Solution

Amount : 812.11

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.1}{12})^{12 \cdot 10}

300 (1 + \frac{0.1}{12})^{12 \cdot 10} = 812.11244 \dots

Round to the nearest hundredth:

812.11

Amount : 812.11

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