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Popular Word Problems >

Jack has 1,331 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

J a c k ha s 1, 331 in an a cco u n t t ha t e a r n s 5% in t eres t 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 w i ll h e ha v e in 3 ye a rs ?

Solution

Amount : 1540.8

Solution steps

Translate the problem into an equation:

A = 1331 (1 + \frac{0.05}{1})^{1 \cdot 3}

1331 (1 + \frac{0.05}{1})^{1 \cdot 3} = 1540.798875

Round to the nearest hundredth:

1540.8

Amount : 1540.8

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