Aiden puts 4,131.00 into an account to use for school expenses. The account earns 2% interest, compounded monthly. How much will be in the account after 10 years?

Solution

Aiden puts 4, 131.00 into an account to use for school expenses. The account earns 2% interest, compounded monthly. How much will be in the account after 10 years?

Solution

Amount : 5044.77

Solution steps

Translate the problem into an equation:

A = 4131 (1 + \frac{0.02}{12})^{12 \cdot 10}

4131 (1 + \frac{0.02}{12})^{12 \cdot 10} = 5044.77486 \dots

Round to the nearest hundredth:

5044.77

Amount : 5044.77

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