en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

You deposit 2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?

Solution

You deposit 2000 in an account earning 3% interest compounded monthly. How much will you have in the account in 5 years?

Solution

Amount : 2323.23

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.03}{12})^{12 \cdot 5}

2000 (1 + \frac{0.03}{12})^{12 \cdot 5} = 2323.23356 \dots

Round to the nearest hundredth:

2323.23

Amount : 2323.23

Popular Examples

Imani invests 8,268 in a retirement account with a fixed annual interest rate of 8% compounded 3 times per year. How long will it take for the account balance to reach 40,102.20?Carlos invests 4540 at a rate of r% per year compound interest.At the end of 10 years he has earned 1328.54 in interest.Calculate the value of r query=7 decreased by twice a number is 11 The result of doubling a number is at most 30, what is the number?You deposit 3000 in an account that earns 3.8% annual interest compounded continuously. Find the balance of your account after 5 years