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Popular Word Problems >

Herman puts 300.00 into an account to use for school expenses. The account earns 12% interest, compounded annually. How much will be in the account after 8 years?

Solution

Her man p u t s 300.00 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 12% 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 ?

Solution

Amount : 742.79

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.12}{1})^{1 \cdot 8}

300 (1 + \frac{0.12}{1})^{1 \cdot 8} = 742.78895 \dots

Round to the nearest hundredth:

742.79

Amount : 742.79

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