A couple deposits 25,000 into an account earning 4% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded monthly. Round your answer to the nearest cent.

해법

A couple deposits 25, 000 into an account earning 4% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded monthly. Round your answer to the nearest cent.

해법

Amount : 45507.54

솔루션 단계

Translate the problem into an equation:

A = 25000 (1 + \frac{0.04}{12})^{12 \cdot 15}

25000 (1 + \frac{0.04}{12})^{12 \cdot 15} = 45507.54068 \dots

가장 가까운 hundredth 으로 반올림:

45507.54

Amount : 45507.54

인기 있는 예

Find the probability of getting a sum of 7 on the first toss of two dice and a sum of 4 on the second toss.If 50,000 is invested at 8%, compounded annually, find the future value in 4 years.Word problems:Q12 Determine the diameter of a circle whose 원둘레 is 123".:Show calculations and the equation where X is the radius Philip opened a savings account and deposited 200.00 as principal. The account earns 2% interest, compounded monthly. What is the balance after 9 years?Round your answer to the nearest cent.twelve times the square of a positive number is five more than four times the same number. Find the number