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Beliebt Word Problems >

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

Lösung

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 ?

Lösung

Amount : 1083.67

Schritte zur Lösung

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

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