Saving 9
An amount of $2000 is invested at an interest of 5% per month. If $200 is added at the beginning of each successive month but no withdrawals are made, give an expression for the value accumulated after n months. After how many months will the accumulated amount exceed $42000?
Your answer:
Your answer:
You need to know the following knowledge to solve this word math problem:
algebrabasic operations and conceptsUnits of physical quantitiesGrade of the word problem
Related math problems and questions:
- Bank interest
The entrepreneur invested euros in the bank at the beginning of 2000 for a period of 9 months with an annual interest rate of 12%. How many euros will the bank credit him with the deposit after nine months? - Daily compounded
Zachary invested $130 in an account paying an interest rate of 3.6% compounded daily, Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 11 years? - Loan interest payment
You borrowed €2000 for 3 months. What amount must you pay back if the lender charges a 15% interest rate per annum? - Account interest rate At the end of the year, the lady had 360,009 CZK in her account with added interest. What was the amount at the beginning of the year if the interest rate was 10.5% pa?
- Investment of the year
At the beginning of the year, my father invested EUR 1,000 in the bank at an annual interest rate of 3%. How many euros will the bank credit him with the deposit after eight months? (compound interest - from financial mathematics) - Annual deposit savings
A person deposits 5,000 euros into a bank account at the beginning of each year for 10 years. He does not make any other deposits or withdrawals from the account. Determine the total amount saved at 8% compounded annually when interest is compounded annua - Loan debt
We borrowed CZK 150,000 at a monthly interest rate of 2%. Interest is added at the end of each month, and we immediately pay an installment of CZK 30,000. How much will we owe in five months?
