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Meg invested 16,000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 5 years with monthly compounding?

Solution

Meg invested 16, 000 in a savings account. If the interest rate is 6% per year, how much will be in the account in 5 years with monthly compounding?

Solution

Amount : 21581.6

Solution steps

Translate the problem into an equation:

A = 16000 (1 + \frac{0.06}{12})^{12 \cdot 5}

16000 (1 + \frac{0.06}{12})^{12 \cdot 5} = 21581.60244 \dots

Round to the nearest hundredth:

21581.6

Amount : 21581.6

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