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Popular Word Problems >

Determine the amount of compound interest earned if 1,500 is invested at an interest rate of 3.25% compounded annually for 8 years.

Solución

De t er min e t h e am o u n t o f co m p o u n d in t eres t e a r n e d i f 1, 500 i s in v es t e d a t an in t eres t r a t e o f 3.25% co m p o u n d e d ann u a ll y f or 8 ye a rs .

Solución

Interest : 437.37

Pasos de solución

Translate the problem into an equation:

1937.36630 \dots = 1500 + I

Resolver para

I, 1937.36630 \dots = 1500 + I : I = 437.37

Interest : 437.37

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