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To start a new business Beth deposits 2000 at the end of each period in an account that pays 9%, compounded monthly. How much will she have at the end of 9 years?

Solution

Solution

Amount : 4482.25

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.09}{12})^{12 \cdot 9}

2000 (1 + \frac{0.09}{12})^{12 \cdot 9} = 4482.24834 \dots

Round to the nearest hundredth:

4482.25

Amount : 4482.25

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To start a new business Beth deposits ​2000 at the end of each period in an account that pays 9​%, compounded monthly. How much will she have at the end of 9 ​years?

Solution

Solution

Popular Examples

To start a new business Beth deposits 2000 at the end of each period in an account that pays 9%, compounded monthly. How much will she have at the end of 9 years?