Ruben puts 300.00 into an account to use for school expenses. The account earns 9% interest, compounded monthly. How much will be in the account after 6 years?

Solution

Solution

Amount : 513.77

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.09}{12})^{12 \cdot 6}

300 (1 + \frac{0.09}{12})^{12 \cdot 6} = 513.76581 \dots

Round to the nearest hundredth:

513.77

Amount : 513.77

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