Popular >

Darrell puts 500.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 7 years?

Solution

Solution

Amount : 815

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.07}{12})^{12 \cdot 7}

500 (1 + \frac{0.07}{12})^{12 \cdot 7} = 814.99702 \dots

Round to the nearest hundredth:

815

Amount : 815

Popular Examples

john has 5 apples and 0 bananas.how much fruits he has now Nolan is saving up money to buy a car. Nolan puts 5,000.00 into an account which earns 13% interest, compounded annually. How much will he have in the account after 2 years?The sum of two consecutive numbers is 73 . What are the numbers?How much interest is earned on a principal of 267 invested at an interest rate of 6% for six years?The sum of three consecutive integers is −60