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Populaire Word Problems >

Irma opened a savings account and deposited 10,000.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 9 years?

Solution

I r ma 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 10, 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 5% 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 9 ye a rs ?

Solution

Amount : 15513.28

étapes des solutions

Translate the problem into an equation:

A = 10000 (1 + \frac{0.05}{1})^{1 \cdot 9}

10000 (1 + \frac{0.05}{1})^{1 \cdot 9} = 15513.28215 \dots

Arrondir à hundredth la plus proche:

15513.28

Amount : 15513.28

Exemples populaires

You have 351. What is a 3 percent decrease A number is no more than 0 Antonio is saving up money to buy a car. Antonio puts 10,000.00 into an account which earns 12% interest, compounded annually. How much will he have in the account after 7 years?a number that when decreased by 60% is 40 Wyatt inherited some money from his grandfather and put it in a bank account that earns 14% interest compounded monthly. After 10 years, Wyatt had 1, 000.00 in the bank account. How much interest did he earn?Round your answer to the nearest cent.