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Populaire Word Problems >

Hannah opened a savings account and deposited 600.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 8 years?

Solution

H annah 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 600.00 a s p r in c i p a l . T h e a cco u n t e a r n s 14% 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 8 ye a rs ?

Solution

Amount : 1711.55

étapes des solutions

Translate the problem into an equation:

A = 600 (1 + \frac{0.14}{1})^{1 \cdot 8}

600 (1 + \frac{0.14}{1})^{1 \cdot 8} = 1711.55185 \dots

Arrondir à hundredth la plus proche:

1711.55

Amount : 1711.55

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