Christine puts 4,163.00 into an account to use for school expenses. The account earns 9.71% interest, compounded monthly. How much will be in the account after 6 years?

Solution

Christine puts 4, 163.00 into an account to use for school expenses. The account earns 9.71% interest, compounded monthly. How much will be in the account after 6 years?

Solution

Amount : 7437.18

Solution steps

Translate the problem into an equation:

A = 4163 (1 + \frac{0.0971}{12})^{12 \cdot 6}

4163 (1 + \frac{0.0971}{12})^{12 \cdot 6} = 7437.17821 \dots

Round to the nearest hundredth:

7437.18

Amount : 7437.18

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