Gabe and Lindsey deposit 3,570.00 into a savings account which earns 5.74% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solução

Gabe and Lindsey deposit 3, 570.00 into a savings account which earns 5.74% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?

Solução

Amount : 4239.12

Passos da solução

Translate the problem into an equation:

A = 3570 (1 + \frac{0.0574}{12})^{12 \cdot 3}

3570 (1 + \frac{0.0574}{12})^{12 \cdot 3} = 4239.11728 \dots

Round to the nearest hundredth:

4239.12

Amount : 4239.12

Exemplos populares

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