Maureen opened a savings account and deposited 600.00 as principal. The account earns 9% interest, compounded monthly. What is the balance after 5 years? round to nearest tenth

Solution

Solution

Amount : 939.41

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.09}{12})^{12 \cdot 5}

600 (1 + \frac{0.09}{12})^{12 \cdot 5} = 939.40861 \dots

Round to the nearest hundredth:

939.41

Amount : 939.41

Popular Examples

the sum of two consecutive integers is-213 The volume of a cube is 0.015625 m3. Determine the length of each side.The sum of three numbers is 16. The sum of twice the first number, 3 times the second number, and 4 times the third number is 50. The difference between 3 times the first number and the second number is 1. Find the three numbers.Lucia deposited 8,000 in a savings account with simple interest. Five years later, she had earned 1,200 in interest. What was the interest rate?5 more than three times a number