Beliebt >

Kiara opened a savings account and deposited 1,000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 4 years?

Lösung

Kiara opened a savings account and deposited 1, 000.00 as principal. The account earns 3% interest, compounded monthly. What is the balance after 4 years?

Lösung

Amount : 1127.33

Schritte zur Lösung

Translate the problem into an equation:

A = 1000 (1 + \frac{0.03}{12})^{12 \cdot 4}

1000 (1 + \frac{0.03}{12})^{12 \cdot 4} = 1127.32802 \dots

Round to the nearest hundredth:

1127.33

Amount : 1127.33

Beliebte Beispiele

Austin is saving up money to buy a car. Austin puts 7,000.00 into an account which earns 13% interest, compounded quarterly. How much will he have in the account after 7 years?Four less than three times a number is the same as five times the number. Find the number.The radius of a circle is 4 miles. What is the circle's kreisumfang?One number is 1/2 of another number. The sum of the two numbers is 9. Find the two numbers.The durchmesser of a circle is 10 ft. Find its area