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Popular Word Problems >

Mike opened a savings account and deposited 200.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 9 years?

Solução

M ik e 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 200.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% 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 9 ye a rs ?

Solução

Amount : 511.61

Passos da solução

Translate the problem into an equation:

A = 200 (1 + \frac{0.11}{1})^{1 \cdot 9}

200 (1 + \frac{0.11}{1})^{1 \cdot 9} = 511.60738 \dots

Round to the nearest hundredth:

511.61

Amount : 511.61

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