en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

4000 is invested for 14 years with an APR of 4% and monthly compounding. What is the balance after 14 years?

Solution

4000 is invested for 14 years with an APR of 4% and monthly compounding. What is the balance after 14 years?

Solution

Amount : 6996.17

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.04}{12})^{12 \cdot 14}

4000 (1 + \frac{0.04}{12})^{12 \cdot 14} = 6996.17168 \dots

Round to the nearest hundredth:

6996.17

Amount : 6996.17

Popular Examples

Twice the difference between a number, x, and forty is three times the number.the floor is a rectangle of sides12.8by8.5 find the area of each of the largest tiles which can be used to fix exactly without breaking The diameter of a circle is 7 m. Find its circumference in terms of pipi.The product of two consecutive positive even integers is 48. Find the value of the lesser integer Edwin’s father is at present twice as old as Edwin. Five years ago, the sum of their ages was 59 years. Calculate Edwin’s present age.