Dylan puts 2,000.00 into an account to use for school expenses. The account earns 11% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Dylan puts 2, 000.00 into an account to use for school expenses. The account earns 11% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Amount : 4802.51

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.11}{12})^{12 \cdot 8}

2000 (1 + \frac{0.11}{12})^{12 \cdot 8} = 4802.50821 \dots

Round to the nearest hundredth:

4802.51

Amount : 4802.51

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