Popular >

Gabe and Lindsey deposit 3,570.00 into a savings account which earns 5.74% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solution

Gabe and Lindsey deposit 3, 570.00 into a savings account which earns 5.74% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solution

Amount : 4239.12

Solution steps

Translate the problem into an equation:

A = 3570 (1 + \frac{0.0574}{12})^{12 \cdot 3}

3570 (1 + \frac{0.0574}{12})^{12 \cdot 3} = 4239.11728 \dots

Round to the nearest hundredth:

4239.12

Amount : 4239.12

Popular Examples

A number is 3 at minimum Suppose that a loan of 2,500 is given at an interest rate of 8% compounded each year. find the amount owed after 1 year The sum of 3 consecutive even numbers is 182 four less than double a number is 12 Let x represent one number and let y represent the other number. Use the following conditions to write a system of nonlinear equations. Solve the system and find the numbers.:The sum of two numbers is 8 and the product of the two numbers is 15.