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Popular Word Problems >

Amelia opened a savings account and deposited 500.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 4 years?

Solução

A m e l ia 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% 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 4 ye a rs ?

Solução

Amount : 786.76

Passos da solução

Translate the problem into an equation:

A = 500 (1 + \frac{0.12}{1})^{1 \cdot 4}

500 (1 + \frac{0.12}{1})^{1 \cdot 4} = 786.75968

Round to the nearest hundredth:

786.76

Amount : 786.76

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