en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Helen puts 800.00 into an account to use for school expenses. The account earns 3% interest, compounded monthly. How much will be in the account after 8 years?

Solution

He l e n p u t s 800.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 8 ye a rs ?

Solution

Amount : 1016.69

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.03}{12})^{12 \cdot 8}

800 (1 + \frac{0.03}{12})^{12 \cdot 8} = 1016.69477 \dots

Round to the nearest hundredth:

1016.69

Amount : 1016.69

Popular Examples

The diameter of a circle is 18 millimeters. What is the circle's circumference?Find the volume of the sphere shown whose radius is 5 cm the difference between a number and fourteen Fredrick deposits 7,500 in a savings and finds that it doubles in 21 years. What was the annual percentage rate?87 is 145% of what number