en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Desmond opened a savings account and deposited 7,645.00 as principal. The account earns 5.76% interest, compounded annually. What is the balance after 5 years?

Solution

Des m o n d 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 7, 645.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5.76% 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 5 ye a rs ?

Solution

Amount : 10115.44

Solution steps

Translate the problem into an equation:

A = 7645 (1 + \frac{0.0576}{1})^{1 \cdot 5}

7645 (1 + \frac{0.0576}{1})^{1 \cdot 5} = 10115.43818 \dots

Round to the nearest hundredth:

10115.44

Amount : 10115.44

Popular Examples

The circumference of a circle is 14pi m. What is the area, in square meters? Express your answer in terms of pipi.What is the radius if the circumference of a circle is 49cm You deposit 4000 in an account earning 7% interest compounded monthly. How much will you have in the account in 10 years? Round to the nearest cent.The sum of 4 consecutive odd integers is-104. What is the least of these integers?Millie is four times as old as Marty. The sum of their ages is 65 years. Find how old the people are.