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Популярное Word Problems >

400.00 into an account to use for school expenses. The account earns 15% interest, compounded annually. How much will be in the account after 8 years?

Решение

400.00 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 15% 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 8 ye a rs ?

Решение

Amount : 1223.61

Шаги решения

Translate the problem into an equation:

A = 400 (1 + \frac{0.15}{1})^{1 \cdot 8}

400 (1 + \frac{0.15}{1})^{1 \cdot 8} = 1223.60914 \dots

Округлите до ближайшего hundredth:

1223.61

Amount : 1223.61

Популярные примеры

find three consecutive whole numbers with a sum of 150 Mackenzie opened a savings account and deposited 1,074.00 as principal. The account earns 11% interest, compounded quarterly. What is the balance after 7 years?One number is two more than another. Their sum is 4 Elsa took out a 2-year loan to buy a car at a 6% simple interest rate. If she has to pay 264 in interest, how much principal did she borrow?number retta 2/3 , 5/3