Dominic invested 19,000 in an account paying an interest rate of 6.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 16 years?

Solution

Dominic invested 19, 000 in an account paying an interest rate of 6.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 16 years?

Solution

Amount : 50298.07

Solution steps

Translate the problem into an equation:

A = 19000 (1 + \frac{0.061}{12})^{12 \cdot 16}

19000 (1 + \frac{0.061}{12})^{12 \cdot 16} = 50298.06902 \dots

Round to the nearest hundredth:

50298.07

Amount : 50298.07

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