Raymond puts 700.00 into an account to use for school expenses. The account earns 5% interest, compounded monthly. How much will be in the account after 10 years? Round to nearest cent

Solution

Solution

Amount : 1152.91

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.05}{12})^{12 \cdot 10}

700 (1 + \frac{0.05}{12})^{12 \cdot 10} = 1152.90664 \dots

Round to the nearest hundredth:

1152.91

Amount : 1152.91

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