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Popular Word Problems >

3400 dollars is placed in an account with an annual interest rate of 7.5%. How much will be in the account after 17 years, to the nearest cent?

Solution

3400 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 7.5%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 17 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 7735

Solution steps

Translate the problem into an equation:

A = 3400 (1 + 0.075 \cdot 17)

3400 (1 + 0.075 \cdot 17) = 7735

Amount : 7735

Popular Examples

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