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Popular Word Problems >

Michael puts 8, 904.00 into an account to use for school expenses. The account earns 4% interest, compounded annually. How much will be in the account after 5 years?

Solution

M i c ha e l p u t s 8, 904.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 4% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 10833.08

Solution steps

Translate the problem into an equation:

A = 8904 (1 + \frac{0.04}{1})^{1 \cdot 5}

8904 (1 + \frac{0.04}{1})^{1 \cdot 5} = 10833.07744 \dots

Round to the nearest hundredth:

10833.08

Amount : 10833.08

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