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Popular Word Problems >

Scarlett opened a savings account and deposited 7,058.00 as principal. The account earns 8.54% interest, compounded annually. What is the balance after 6 years?

Solution

S c a r l e tt 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 7, 058.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8.54% 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 : 11540.39

Solution steps

Translate the problem into an equation:

A = 7058 (1 + \frac{0.0854}{1})^{1 \cdot 6}

7058 (1 + \frac{0.0854}{1})^{1 \cdot 6} = 11540.39190 \dots

Round to the nearest hundredth:

11540.39

Amount : 11540.39

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