Wesley opened a savings account and deposited 212.00 as principal. The account earns 5% interest, compounded monthly. What is the balance after 4 years?

Solution

Solution

Amount : 258.83

Solution steps

Translate the problem into an equation:

A = 212 (1 + \frac{0.05}{12})^{12 \cdot 4}

212 (1 + \frac{0.05}{12})^{12 \cdot 4} = 258.82981 \dots

Round to the nearest hundredth:

258.83

Amount : 258.83

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