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Popular Word Problems >

Rob has 5,000 in an account that earns 2% interest compounded annually.To the nearest cent, how much will he have in 5 years?

Solução

R o b ha s 5, 000 in an a cco u n t t ha t e a r n s 2% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 5 ye a rs ?

Solução

Amount : 5520.4

Passos da solução

Translate the problem into an equation:

A = 5000 (1 + \frac{0.02}{1})^{1 \cdot 5}

5000 (1 + \frac{0.02}{1})^{1 \cdot 5} = 5520.404016

Round to the nearest hundredth:

5520.4

Amount : 5520.4

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