Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3,940, requals5.5%, tequals19 years; compounded monthly

Solution

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3, 940, requals5.5%, tequals19 years; compounded monthly

Solution

Amount : 11176.27

Solution steps

Translate the problem into an equation:

A = 3940 (1 + \frac{0.055}{12})^{12 \cdot 19}

3940 (1 + \frac{0.055}{12})^{12 \cdot 19} = 11176.27495 \dots

Round to the nearest hundredth:

11176.27

Amount : 11176.27

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Find the amount in the account for the given​ principal, interest​ rate, time, and compounding period.Pequals​3,940​, requals5.5​%, tequals19 ​years; compounded monthly

Solution

Solution

Popular Examples

Find the amount in the account for the given principal, interest rate, time, and compounding period.Pequals3,940, requals5.5%, tequals19 years; compounded monthly