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Popular >

You invest 5,000 into the account at a 4% interest rate compounded monthly. How much money will you have after 7 years?

Solution

You invest 5, 000 into the account at a 4% interest rate compounded monthly. How much money will you have after 7 years?

Solution

Amount : 6612.57

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.04}{12})^{12 \cdot 7}

5000 (1 + \frac{0.04}{12})^{12 \cdot 7} = 6612.56931 \dots

Round to the nearest hundredth:

6612.57

Amount : 6612.57

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