Mariana puts 300.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 4 years?

Solução

Solução

Amount : 396.62

Passos da solução

Translate the problem into an equation:

A = 300 (1 + \frac{0.07}{12})^{12 \cdot 4}

300 (1 + \frac{0.07}{12})^{12 \cdot 4} = 396.61616 \dots

Round to the nearest hundredth:

396.62

Amount : 396.62

Exemplos populares

The product of 6 and a number is the same as 32 less twice that same number.The circunferência of a circle is 42.704 centimeters. What is the circle's diameter?Three years ago, Evan was one third of his sister's age. In a year's time, Evan will be half of his sister's age. How old is Evan now?A colony of bees increases by 34% every 5 months. How many months will it take for the bee population to triple?Edmond puts 1,000.00 into an account to use for school expenses. The account earns 8% interest, compounded monthly. How much will be in the account after 6 years?