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Elaine invests
$3000 in an account that pays interest at
2.8% per annum, compounding monthly. She makes an additional payment of
$200 each month. What is the value of the investment after 6 years? Round your answer to the nearest cent.

$6$ . Elaine invests $\$ 3000$ in an account that pays interest at $2.8 \%$ per annum, compounding monthly. She makes an additional payment of $\$ 200$ each month. What is the value of the investment after $6$ years? Round your answer to the nearest cent.

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Math Problems

Algebra 1

Exponential growth and decay: word problems

Full solution

6

. Elaine invests

\$ 3000

in an account that pays interest at

2.8 \%

per annum, compounding monthly. She makes an additional payment of

\$ 200

each month. What is the value of the investment after

6

years? Round your answer to the nearest cent.

Initial Investment Details: Initial investment $P$ is $\$3000$ , annual interest rate $r$ is $2.8\%$ , compounded monthly, and monthly payment is $\$200$ .
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View all (193)

666. Elaine invests $3000 \$ 3000 $3000 in an account that pays interest at 2.8% 2.8 \% 2.8% per annum, compounding monthly. She makes an additional payment of $200 \$ 200 $200 each month. What is the value of the investment after 666 years? Round your answer to the nearest cent.

$6$ . Elaine invests $\$ 3000$ in an account that pays interest at $2.8 \%$ per annum, compounding monthly. She makes an additional payment of $\$ 200$ each month. What is the value of the investment after $6$ years? Round your answer to the nearest cent.