Popular >

Ezra opened a savings account and deposited 6,000.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 8 years?

Solution

Ezra opened a savings account and deposited 6, 000.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 8 years?

Solution

Amount : 8258.37

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.04}{12})^{12 \cdot 8}

6000 (1 + \frac{0.04}{12})^{12 \cdot 8} = 8258.37071 \dots

Round to the nearest hundredth:

8258.37

Amount : 8258.37

Popular Examples

there are five consecutive integers such that three times the largest integer is three more than twice the sum of the two smallest integers The sum of 3 consecutive odd numbers is 57. Find the numbers. _{}The diameter of a circle is 6 yards. What is the circle's circumference?21000 is invested for 5 years with an APR of 3% and daily compounding. what would the balance in the account after 5 years.The quotient of 30 and a number is decreased by 2.