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Populaire Word Problems >

Carson opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded annually. What is the balance after 6 years?

Solution

C a rso n 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 100.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% 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 6 ye a rs ?

Solution

Amount : 119.41

étapes des solutions

Translate the problem into an equation:

A = 100 (1 + \frac{0.03}{1})^{1 \cdot 6}

100 (1 + \frac{0.03}{1})^{1 \cdot 6} = 119.40522 \dots

Arrondir à hundredth la plus proche:

119.41

Amount : 119.41

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