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Popular >

Find the balance in the account after the given period. 4200 deposit earning 3.9 % compounded monthly, after 3 years.

Solution

Find the balance in the account after the given period. 4200 deposit earning 3.9 % compounded monthly, after 3 years.

Solution

Amount : 4720.41

Solution steps

Translate the problem into an equation:

A = 4200 (1 + \frac{0.039}{12})^{12 \cdot 3}

4200 (1 + \frac{0.039}{12})^{12 \cdot 3} = 4720.40599 \dots

Round to the nearest hundredth:

4720.41

Amount : 4720.41

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