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 13 years with an APR of 2.48% and monthly compounding. what would The balance in the account after 13 years.

Solution

4000 is invested for 13 years with an APR of 2.48% and monthly compounding. what would The balance in the account after 13 years.

Solution

Amount : 5519.91

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.0248}{12})^{12 \cdot 13}

4000 (1 + \frac{0.0248}{12})^{12 \cdot 13} = 5519.91064 \dots

Round to the nearest hundredth:

5519.91

Amount : 5519.91

Popular Examples

A distributor sells a product for 67 to his customers in which his mark-up rate is 7%. What is the cost of the product? Be sure to round your answer to the nearest cent.Grandpa Graham is 11 times as old as Jimmy. In 6 years time, Jimmy will be a sixth of Grandpa Graham's age. How old will Grandpa Graham be in 11 years time.Write as a mathematical equation.The sum of a number and 3 times the number is 24.Wayne puts 700.00 into an account to use for school expenses. The account earns 6% interest, compounded annually. How much will be in the account after 9 years?circle has a radius of 6ft What is the area of the semicircle? Leave pi in your answer and include the correct unit of measurement.