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Popular >

You deposit 3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 69 years?

Solution

You deposit 3000 in an account earning 5% interest compounded monthly. How much will you have in the account in 69 years?

Solution

Amount : 93826.25

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.05}{12})^{12 \cdot 69}

3000 (1 + \frac{0.05}{12})^{12 \cdot 69} = 93826.25226 \dots

Round to the nearest hundredth:

93826.25

Amount : 93826.25

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