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Beliebt Word Problems >

Desmond opened a savings account and deposited 7,645.00 as principal. The account earns 5.76% interest, compounded annually. What is the balance after 5 years?

Lösung

Des m o n d o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 7, 645.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5.76% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Lösung

Amount : 10115.44

Schritte zur Lösung

Translate the problem into an equation:

A = 7645 (1 + \frac{0.0576}{1})^{1 \cdot 5}

7645 (1 + \frac{0.0576}{1})^{1 \cdot 5} = 10115.43818 \dots

Round to the nearest hundredth:

10115.44

Amount : 10115.44

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