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Popular Word Problems >

a time deposit account in a bank yields 5.5 percent compound interest. annually jennifer invested 450000 for 4 years in this savings account how much interest will she gain

Solution

a t im e d e p os i t a cco u n t in a bank y i e l d s 5.5 p erce n t co m p o u n d in t eres t . ann u a ll y j e nni f er in v es t e d 450000 f or 4 ye a rs in t hi s s a v in g s a cco u n t h o w m u c h in t eres t w i ll s h e g ain

Solution

Interest : 107471.09

Solution steps

Translate the problem into an equation:

557471.09278 \dots = 450000 + I

Solve for

I, 557471.09278 \dots = 450000 + I : I = 107471.09

Interest : 107471.09

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