Farid opened a savings account and deposited 10,000.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 3 years?

الحلّ

Farid opened a savings account and deposited 10, 000.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 3 years?

الحلّ

Amount : 11272.72

خطوات الحلّ

Translate the problem into an equation:

A = 10000 (1 + \frac{0.04}{12})^{12 \cdot 3}

10000 (1 + \frac{0.04}{12})^{12 \cdot 3} = 11272.71874 \dots

Round to the nearest hundredth:

11272.72

Amount : 11272.72

أمثلة شائعة

Candice is saving up money to buy a car. Candice puts 7,000.00 into an account which earns 1% interest, compounded quarterly. How much will she have in the account after 5 years?Round your answer to the nearest cent.two diminished by seven times a number simplify to lowest number-2\div6 Maggie deposited 100.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 212.00?If the sum of three consecutive odd numbers is 177. What is the smallest of the three numbers?