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Popular Word Problems >

3600 dollars is placed in an account with annual interest rate of 9%. How much will be in the account after 25 years, to the nearest cent

Solution

3600 d o ll a rs i s pl a ce d in an a cco u n t w i t h ann u a l in t eres t r a t e o f 9%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 25 ye a rs, t o t h e n e a res t ce n t

Solution

Amount : 11700

Solution steps

Translate the problem into an equation:

A = 3600 (1 + 0.09 \cdot 25)

3600 (1 + 0.09 \cdot 25) = 11700

Amount : 11700

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