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Popular Word Problems >

You deposit 6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 10 years?

Solution

You deposit 6000 in an account earning 2% interest compounded monthly. How much will you have in the account in 10 years?

Solution

Amount : 7327.2

Solution steps

Translate the problem into an equation:

A = 6000 (1 + \frac{0.02}{12})^{12 \cdot 10}

6000 (1 + \frac{0.02}{12})^{12 \cdot 10} = 7327.19660 \dots

Round to the nearest hundredth:

7327.2

Amount : 7327.2

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