en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Find the compound amount for the deposit and the amount of interested earned.\$16,000 at %6 compounded monthly for 20 years.

Solution

Find the compound amount for the deposit and the amount of interested earned.$16, 000 at %6 compounded monthly for 20 years.

Solution

Amount : 52963.27

Solution steps

Translate the problem into an equation:

A = 16000 (1 + \frac{0.06}{12})^{12 \cdot 20}

16000 (1 + \frac{0.06}{12})^{12 \cdot 20} = 52963.27161 \dots

Round to the nearest hundredth:

52963.27

Amount : 52963.27

Popular Examples

Find the area of a rectangle with a length of 120 and a width of 60 Read and solve each problem.:The product of 12 and a number is 84 . Find the number.The football team at Milford College is having a new stadium built that will accommodate 102,135 people. According to one fan's calculations, that is 50% more people than their old stadium could seat. How many seats did the old stadium have?Skylar invested 3,100 in an account paying an interest rate of 3.3% compounded quarterly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 4,720?a number increased 7