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Popular Word Problems >

Aiden has 6,000 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much will he have in 5 years?

Solução

A i d e n ha s 6, 000 in an a cco u n t . T h e in t eres t r a t e i s 5% 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 : 7657.69

Passos da solução

Translate the problem into an equation:

A = 6000 (1 + \frac{0.05}{1})^{1 \cdot 5}

6000 (1 + \frac{0.05}{1})^{1 \cdot 5} = 7657.689375

Round to the nearest hundredth:

7657.69

Amount : 7657.69

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