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Popular Word Problems >

Jayce deposited 1500 at 7% interest compounded annually for 3 years. How much will Jayce earn after 3 years?

Solution

J a yce d e p os i t e d 1500 a t 7% in t eres t co m p o u n d e d ann u a ll y f or 3 ye a rs . Ho w m u c h w i ll J a yce e a r n a f t er 3 ye a rs ?

Solution

Amount : 1837.56

Solution steps

Translate the problem into an equation:

A = 1500 (1 + \frac{0.07}{1})^{1 \cdot 3}

1500 (1 + \frac{0.07}{1})^{1 \cdot 3} = 1837.5645

Round to the nearest hundredth:

1837.56

Amount : 1837.56

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