Find the amount Erica owes at the end of 2 years if 6500 is loaned to her at a rate of 8 % compounded monthly.

解

F in d t h e am o u n t E r i c a o w es a t t h e e n d o f 2 ye a rs i f 6500 i s l o an e d t o h er a t a r a t e o f 8 % co m p o u n d e d m o n t h l y .

Amount : 7623.77

解答ステップ

Translate the problem into an equation:

A = 6500 (1 + \frac{0.08}{12})^{12 \cdot 2}

6500 (1 + \frac{0.08}{12})^{12 \cdot 2} = 7623.77155 \dots

最も近い

h u n d re d t h

に四捨五入:

7623.77

Amount : 7623.77