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Popular Word Problems >

Wendy opened a savings account and deposited 4,000.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 5 years?

Solução

W e n d y 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 4, 000.00 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 5 ye a rs ?

Solução

Amount : 7049.37

Passos da solução

Translate the problem into an equation:

A = 4000 (1 + \frac{0.12}{1})^{1 \cdot 5}

4000 (1 + \frac{0.12}{1})^{1 \cdot 5} = 7049.36673 \dots

Round to the nearest hundredth:

7049.37

Amount : 7049.37

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