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Popolare Word Problems >

Kyle invested 15,000 in a savings account. If the interest rate is 5% per year, how much will be in the account in 10 years with monthly compounding?

Soluzione

Ky l e in v es t e d 15, 000 in a s a v in g s a cco u n t . I f t h e in t eres t r a t e i s 5% p er ye a r, h o w m u c h w i ll b e in t h e a cco u n t in 10 ye a rs w i t h m o n t h l y co m p o u n d in g ?

Soluzione

Amount : 24705.14

Fasi della soluzione

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{12})^{12 \cdot 10}

15000 (1 + \frac{0.05}{12})^{12 \cdot 10} = 24705.14246 \dots

Arrotondare all' hundredth più vicino:

24705.14

Amount : 24705.14

Esempi popolari

Grace opened a savings account and deposited 300.00 as principal. The account earns 4% interest, compounded annually. What is the balance after 5 years?If the store has a 20% of sale, what is the original value of the goods she can now buy with a 100 voucher?42 is 8% of what number Find the time required for an investment of 5000 dollars to grow to 8700 dollars at an interest rate of 7.5 percent per year, compounded quarterly. Your answer is t= years. You may enter the esatto value or round to 2 decimal places.160% of what number is 56