en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Kendra opened a savings account and deposited 100.00 as principal. The account earns 3% interest, compounded monthly. How much interest will she earn after 3 years?

Solution

Ke n d r a 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 100.00 a s p r in c i p a l . T h e a cco u n t e a r n s 3% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 3 ye a rs ?

Solution

Interest : 9.41

Solution steps

Translate the problem into an equation:

109.40514 \dots = 100 + I

Solve for

I, 109.40514 \dots = 100 + I : I = 9.41

Interest : 9.41

Popular Examples

If a circular flower garden has a diameter of 3.2m, what is the area of the circular garden?The difference between two positive integers is 4. The sum of the larger and the square of the smaller is 34. Find the integers.The circumference of a circular painting is 25.12 feet. What is the diameter of the painting? Use 3.14 for pi and do not round your answer.Ashley is going to invest in an account paying an interest rate of 5.6% compounded continuously. How much would Ashley need to invest, to the nearest dollar, for the value of the account to reach 2,080 in 16 years?Mona is saving up money to buy a car. Mona puts 5,000.00 into an account which earns 12% interest, compounded monthly. How much will she have in the account after 3 years?