Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3 comma 870, requals5.5%, tequals16 years; compounded monthly

Solution

Solution

Amount : 2093.27

Solution steps

Translate the problem into an equation:

A = 870 (1 + \frac{0.055}{12})^{12 \cdot 16}

870 (1 + \frac{0.055}{12})^{12 \cdot 16} = 2093.26993 \dots

Round to the nearest hundredth:

2093.27

Amount : 2093.27

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Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​3 comma 870​, requals5.5​%, tequals16 ​years; compounded monthly

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3 comma 870, requals5.5%, tequals16 years; compounded monthly