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Popular >

You deposit 10000 in an account earning 7% interest compounded monthly. How much will you have in the account in .25 years?

Solution

You deposit 10000 in an account earning 7% interest compounded monthly. How much will you have in the account in .25 years?

Solution

Amount : 57254.18

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{12})^{12 \cdot 25}

10000 (1 + \frac{0.07}{12})^{12 \cdot 25} = 57254.18209 \dots

Round to the nearest hundredth:

57254.18

Amount : 57254.18

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