Paul puts 532.00 into an account to use for school expenses. The account earns 11% interest, compounded monthly. How much will be in the account after 7 years?

Solution

Solution

Amount : 1144.97

Solution steps

Translate the problem into an equation:

A = 532 (1 + \frac{0.11}{12})^{12 \cdot 7}

532 (1 + \frac{0.11}{12})^{12 \cdot 7} = 1144.97232 \dots

Round to the nearest hundredth:

1144.97

Amount : 1144.97

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