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

Solution

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

Solution

Amount : 1061274.61

Solution steps

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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