Sidney puts 7,655.00 into an account to use for school expenses. The account earns 3% interest, compounded monthly. How much will be in the account after 7 years?

Solution

Sidney puts 7, 655.00 into an account to use for school expenses. The account earns 3% interest, compounded monthly. How much will be in the account after 7 years?

Solution

Amount : 9441.33

Solution steps

Translate the problem into an equation:

A = 7655 (1 + \frac{0.03}{12})^{12 \cdot 7}

7655 (1 + \frac{0.03}{12})^{12 \cdot 7} = 9441.33099 \dots

Round to the nearest hundredth:

9441.33

Amount : 9441.33

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