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Popular >

calculate the approximate compound amount in 2 years on R5000.00 deposited in an account paying 7% interest, compounded monthly

Solution

calculate the approximate compound amount in 2 years on R5000.00 deposited in an account paying 7% interest, compounded monthly

Solution

Amount : 5749.03

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.07}{12})^{12 \cdot 2}

5000 (1 + \frac{0.07}{12})^{12 \cdot 2} = 5749.03008 \dots

Round to the nearest hundredth:

5749.03

Amount : 5749.03

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