en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Lester opened a savings account and deposited 5,881.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 6 years?

Solution

L es t er o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 5, 881.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 6 ye a rs ?

Solution

Amount : 8342.31

Solution steps

Translate the problem into an equation:

A = 5881 (1 + \frac{0.06}{1})^{1 \cdot 6}

5881 (1 + \frac{0.06}{1})^{1 \cdot 6} = 8342.31089 \dots

Round to the nearest hundredth:

8342.31

Amount : 8342.31

Popular Examples

Find the radius of a circle that has an area of 86 square feet.−17 times a number minus 29 is equal to −32 less than the number.What is the area of a circle with a circumference of 12pi ?Seven times the sum of a number and 4 is 6 4 subtract three times a number