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Popular Word Problems >

Felix has 5,483 in an account. The interest rate is 12% compounded annually.To the nearest cent, how much interest will he earn in 2 years?

Solution

F e l i x ha s 5, 483 in an a cco u n t . T h e in t eres t r a t e i s 12% co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 2 ye a rs ?

Solution

Interest : 1394.88

Solution steps

Translate the problem into an equation:

6877.8752 = 5483 + I

Solve for

I, 6877.8752 = 5483 + I : I = 1394.88

Interest : 1394.88

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