fr

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Populaire Word Problems >

Alexander invested 240 in an account paying an interest rate of 2.3% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 9 years?

Solution

A l e x an d er in v es t e d 240 in an a cco u n t p a y in g an in t eres t r a t e o f 2.3% co m p o u n d e d ann u a ll y . A ss u min g n o d e p os i t s or w i t h d r a w a l s a re ma d e, h o w m u c h m o n ey, t o t h e n e a res t d o ll a r, w o u l d b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 294.5

étapes des solutions

Translate the problem into an equation:

A = 240 (1 + \frac{0.023}{1})^{1 \cdot 9}

240 (1 + \frac{0.023}{1})^{1 \cdot 9} = 294.50450 \dots

Arrondir à hundredth la plus proche:

294.5

Amount : 294.5

Exemples populaires

three more than the quotient of a number and 6 equals 7 Michael is going to invest in an account paying an interest rate of 6.7% compounded continuously. How much would Michael need to invest, to the nearest dollar, for the value of the account to reach 100,000 in 14 years?Samantha invested 67,000 in an account paying an interest rate of 3.9% compounded continuously. Assuming no deposits or withdrawals are made, how much money, to the nearest dollar, would be in the account after 7 years?Julia invested 17,000 in an account paying an interest rate of 2.4% compounded daily. Assuming no deposits or withdrawals are made, how long would it take, to the nearest tenth of a year, for the value of the account to reach 21,400?A person invests 4500 dollars in a bank. The bank pays 7% interest compounded annually. To the nearest tenth of a year, how long must the person leave the money in the bank until it reaches 14900 dollars?