en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

You deposit 600 in an account earning 3% interest compounded annually. How much will you have in the account in 20 years?

Solution

Y o u d e p os i t 600 in an a cco u n t e a r nin g 3% 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 yo u ha v e in t h e a cco u n t in 20 ye a rs ?

Solution

Amount : 1083.67

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.03}{1})^{1 \cdot 20}

600 (1 + \frac{0.03}{1})^{1 \cdot 20} = 1083.66674 \dots

Round to the nearest hundredth:

1083.67

Amount : 1083.67

Popular Examples

1155 is 110% of what number A number has been decreased by 17% to give an answer of 3569:What was the original number?Jason puts 2,092.00 into an account to use for school expenses. The account earns 14.46% interest, compounded quarterly. How much will be in the account after 7 years?What will be the amount in an account with initial principal 9000 if interest is compounded continuously at an annual rate of 3.25% for 7 years?The sum of ten and two times a number is 34. What is the number?