Caden puts 3,319.00 into an account to use for school expenses. The account earns 4.98% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Caden puts 3, 319.00 into an account to use for school expenses. The account earns 4.98% interest, compounded monthly. How much will be in the account after 8 years?

Solution

Amount : 4939.38

Solution steps

Translate the problem into an equation:

A = 3319 (1 + \frac{0.0498}{12})^{12 \cdot 8}

3319 (1 + \frac{0.0498}{12})^{12 \cdot 8} = 4939.37661 \dots

Round to the nearest hundredth:

4939.38

Amount : 4939.38

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