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Beliebt Word Problems >

Find the amount Erica owes at the end of 66 years if 5500 is loaned to her at a rate of 8 % compounded monthly.

Lösung

F in d t h e am o u n t E r i c a o w es a t t h e e n d o f 66 ye a rs i f ​ 5500 i s l o an e d t o h er a t a r a t e o f 8 % co m p o u n d e d m o n t h l y .

Lösung

Amount : 1061274.61

Schritte zur Lösung

Translate the problem into an equation:

A = 5500 (1 + \frac{0.08}{12})^{12 \cdot 66}

5500 (1 + \frac{0.08}{12})^{12 \cdot 66} = 1061274.60833 \dots

Round to the nearest hundredth:

1061274.61

Amount : 1061274.61

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