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Popular Word Problems >

Ezra opened a savings account and deposited 400.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 10 years?

Solution

E zr 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 400.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% 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 10 ye a rs ?

Solution

Amount : 487.6

Solution steps

Translate the problem into an equation:

A = 400 (1 + \frac{0.02}{1})^{1 \cdot 10}

400 (1 + \frac{0.02}{1})^{1 \cdot 10} = 487.59776 \dots

Round to the nearest hundredth:

487.6

Amount : 487.6

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