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Popular >

You deposit 4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 15 years?

Solution

You deposit 4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 15 years?

Solution

Amount : 11395.79

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.07}{12})^{12 \cdot 15}

4000 (1 + \frac{0.07}{12})^{12 \cdot 15} = 11395.78692 \dots

Round to the nearest hundredth:

11395.79

Amount : 11395.79

Popular Examples

When 3 is subtracted from five times a number, the result is 17 Nine more than the quotient of a number and 8 is equal to 7 .Use the variable x for the unknown number.if 76 is increased by 140 percent what is the result Determine the simple interest earned on 10,000 after 10 years if the APR is 15%.The sum of four times a number and seven is ten more than the number.