Carson invested 3,900 in an account paying an interest rate of 2.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?

Solución

Carson invested 3, 900 in an account paying an interest rate of 2.1% compounded monthly. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 14 years?

Solución

Amount : 5231.61

Pasos de solución

Translate the problem into an equation:

A = 3900 (1 + \frac{0.021}{12})^{12 \cdot 14}

3900 (1 + \frac{0.021}{12})^{12 \cdot 14} = 5231.61278 \dots

Round to the nearest hundredth:

5231.61

Amount : 5231.61

Ejemplos populares

4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 29 years, to the nearest cent?Luther opened a savings account and deposited 200.00. The account earns 13% interest, compounded continuously. If he wants to use the money to buy a new bicycle in 1 year, how much will he be able to spend on the bike?If a hat costs 4.20 after a 40% discount, what was its original price?One number is 3 more than twice the other number. If the sum of the two numbers is 18, find the two numbers.Joshua invested 97,000 in an account paying an interest rate of 6% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 8 years?