Evelyn puts 500.00 into an account to use for school expenses. The account earns 12% interest, compounded monthly. How much will be in the account after 9 years?

Solution

Solution

Amount : 1464.46

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{12})^{12 \cdot 9}

500 (1 + \frac{0.12}{12})^{12 \cdot 9} = 1464.46289 \dots

Round to the nearest hundredth:

1464.46

Amount : 1464.46

Popular Examples

The sum of two consecutive odd numbers is 748, what are the numbers Find the area of a circle with a radius of 3 .four less than the difference between a number and three is seven The product of two consecutive integers is 420. standard form The circumference of a circle is 17pipi cm. Find its radius, in centimeters.