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פּוֹפּוּלָרִי Word Problems >

Cooper invested 1,100 in an account paying an interest rate of 3.8% compounded daily. Assuming no deposits or withdrawals are made, how much money, to the nearest cent, would be in the account after 10 years?

פתרון

C oo p er in v es t e d 1, 100 in an a cco u n t p a y in g an in t eres t r a t e o f 3.8% co m p o u n d e d d ai l 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 ce n t, w o u l d b e in t h e a cco u n t a f t er 10 ye a rs ?

פתרון

Amount : 1608.48

צעדי פתרון

Translate the problem into an equation:

A = 1100 (1 + \frac{0.038}{365})^{365 \cdot 10}

1100 (1 + \frac{0.038}{365})^{365 \cdot 10} = 1608.48123 \dots

Round to the nearest hundredth:

1608.48

Amount : 1608.48

דוגמאות פופולריות

The radius of a circle is 13 cm. Find its area in terms of pipi.David invested 68,000 in an account paying an interest rate of 5.5% 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 93,000?Sam has 50 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?4400 dollars is placed in an account with an annual interest rate of 8.25%. How much will be in the account after 22 years, to the nearest cent?Sophia is going to invest in an account paying an interest rate of 3.4% compounded monthly. How much would Sophia need to invest, to the nearest dollar, for the value of the account to reach 1,450 in 14 years?