You deposit 300 dollars in an account that pays 3.9 percent interest and keep it there for 5 years. Find the balance of the account when the interest is compounded monthly

Solution

Solution

Amount : 364.48

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.039}{12})^{12 \cdot 5}

300 (1 + \frac{0.039}{12})^{12 \cdot 5} = 364.47803 \dots

Round to the nearest hundredth:

364.48

Amount : 364.48

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