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Popular Word Problems >

Tessa invested 7,179 into an account that earned interest at an annual rate of 3%. How much money will she have in the account after 4 years?

Solution

T ess a in v es t e d 7, 179 in t o an a cco u n t t ha t e a r n e d in t eres t a t an ann u a l r a t e o f 3%. Ho w m u c h m o n ey w i ll s h e ha v e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 8040.48

Solution steps

Translate the problem into an equation:

A = 7179 (1 + 0.03 \cdot 4)

7179 (1 + 0.03 \cdot 4) = 8040.48

Amount : 8040.48

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