Dakota opened a savings account and deposited 1,623.00 as principal. The account earns 14% interest, compounded monthly. What is the balance after 3 years?

Solution

Dakota opened a savings account and deposited 1, 623.00 as principal. The account earns 14% interest, compounded monthly. What is the balance after 3 years?

Solution

Amount : 2464.15

Solution steps

Translate the problem into an equation:

A = 1623 (1 + \frac{0.14}{12})^{12 \cdot 3}

1623 (1 + \frac{0.14}{12})^{12 \cdot 3} = 2464.14570 \dots

Round to the nearest hundredth:

2464.15

Amount : 2464.15

Popular Examples

Zack puts 500.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 10 years?Six less than twice a number x is four.The value of sqrt(8) is between which two consecutive integers?A survey got 700 responses. The survey has 7 questions. How many total answers need to be processed?Eight more than the product of a number and 4 equals 3