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if 850 are deposited into an account with 6% interest rate, compounded monthly, what is the balance after 7 years

Solution

if 850 are deposited into an account with 6% interest rate, compounded monthly, what is the balance after 7 years

Solution

Amount : 1292.31

Solution steps

Translate the problem into an equation:

A = 850 (1 + \frac{0.06}{12})^{12 \cdot 7}

850 (1 + \frac{0.06}{12})^{12 \cdot 7} = 1292.31419 \dots

Round to the nearest hundredth:

1292.31

Amount : 1292.31

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