Angela deposits 4000 into an account with an APR of 3.5% for 8 years. Find the future value of the account if interest is compounded monthly. Round your answer to the nearest hundredth, if necessary.

Solution

Solution

Amount : 5290.36

étapes des solutions

Translate the problem into an equation:

A = 4000 (1 + \frac{0.035}{12})^{12 \cdot 8}

4000 (1 + \frac{0.035}{12})^{12 \cdot 8} = 5290.36276 \dots

Arrondir à hundredth la plus proche:

5290.36

Amount : 5290.36

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