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Popular Word Problems >

Kelsey has 100 in an account. The interest rate is 11% compounded annually.To the nearest cent, how much will she have in 2 years?

Solución

Ke l sey ha s 100 in an a cco u n t . T h e in t eres t r a t e i s 11% 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 s h e ha v e in 2 ye a rs ?

Solución

Amount : 123.21

Pasos de solución

Translate the problem into an equation:

A = 100 (1 + \frac{0.11}{1})^{1 \cdot 2}

100 (1 + \frac{0.11}{1})^{1 \cdot 2} = 123.21

Amount : 123.21

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