document.write( "Question 1205283: You deposit $3042 in an account earning 3% interest compounded monthly. How much will you have in the account in 13 years? Give your answer accurate to 2 decimal places. \n" ); document.write( "

Algebra.Com's Answer #841981 by ikleyn(52780) $\"\"$ $\"About$

You can put this solution on YOUR website!
.
\n" ); document.write( "You deposit $3042 in an account earning 3% interest compounded monthly.
\n" ); document.write( "How much will you have in the account in 13 years? Give your answer accurate to 2 decimal places.
\n" ); document.write( "~~~~~~~~~~~~~~~~~~~~~~~~\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "

\r\n" );
document.write( "Use the formula for the future value of a compounded account \r\n" );
document.write( "\r\n" );
document.write( "    F = p * (1 + r) ^ n,\r\n" );
document.write( "\r\n" );
document.write( "where \r\n" );
document.write( "\r\n" );
document.write( "    p is the principal amount\r\n" );
document.write( "    r is the interest rate per time period\r\n" );
document.write( "    n is the number of time periods.\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "In your problem:\r\n" );
document.write( "\r\n" );
document.write( "    p = 3042\r\n" );
document.write( "    r = 0.03/12\r\n" );
document.write( "    n = 13*12 = 156\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "So, F =  = 4490.79  (rounded).\r\n" );
document.write( "\r\n" );
document.write( "\r\n" );
document.write( "ANSWER.  In 13 years, it becomes  $4490.79.\r\n" );
document.write( "

\r
\n" ); document.write( "\n" ); document.write( "Solved.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "-----------------\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "To see many other similar (and different) solved problems on compounded interest accounts, look into the lesson\r
\n" ); document.write( "\n" ); document.write( " - Compounded interest percentage problems \r
\n" ); document.write( "\n" ); document.write( "in this site.\r
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( "Learn the subject from there.\r
\n" ); document.write( "
\n" ); document.write( "
\n" ); document.write( "\n" ); document.write( " \n" ); document.write( "

\n" );