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Popular Word Problems >

Mason puts 700.00 into an account to use for school expenses. The account earns 9% interest, compounded annually. How much will be in the account after 5 years?

Solução

M a so n p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 9% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solução

Amount : 1077.04

Passos da solução

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{1})^{1 \cdot 5}

700 (1 + \frac{0.09}{1})^{1 \cdot 5} = 1077.03676 \dots

Round to the nearest hundredth:

1077.04

Amount : 1077.04

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