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Popular Word Problems >

Suppose there is 4500 in a bank account at an interest rate of 11% compounded each year.Find the amount owed at the end of 2 years. Do not do any rounding

Solution

S u pp ose t h ere i s 4500 in a bank a cco u n t a t an in t eres t r a t e o f 11% co m p o u n d e d e a c h ye a r . F in d t h e am o u n t o w e d a t t h e e n d o f 2 ye a rs . Do n o t d o an y ro u n d in g

Solution

Amount : 5544.45

Solution steps

Translate the problem into an equation:

A = 4500 (1 + \frac{0.11}{1})^{1 \cdot 2}

4500 (1 + \frac{0.11}{1})^{1 \cdot 2} = 5544.45

Amount : 5544.45

Popular Examples

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