Solution
Dave puts 4, 205.00 into an account to use for school expenses. The account earns 7% interest, compounded monthly. How much will be in the account after 8 years?
Solution
Solution steps
Translate the problem into an equation:
Round to the nearest hundredth:
Popular Examples
A spherical snowball is melting. Its radius is decreasing at 0.2 centimeters per hour when the radius is 15cm. How fast is the volume changing at this time at this time?If 7 is decreased by the reciprocal of a number, the result is 7/3 Find the number.The product of two consecutive even integers is 528. Find the integersSeven times a number is 30 greater than the sum of twice the number and 5 . What is the number?Andrew invested 3,100 in an account paying an interest rate of 2.1% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 16 years?