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Popular >

You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 20 years?

Solution

You deposit 5000 in an account earning 8% interest compounded monthly. How much will you have in the account in 20 years?

Solution

Amount : 24634.01

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.08}{12})^{12 \cdot 20}

5000 (1 + \frac{0.08}{12})^{12 \cdot 20} = 24634.01385 \dots

Round to the nearest hundredth:

24634.01

Amount : 24634.01

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