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Popular Word Problems >

Eduardo opened a savings account and deposited 300.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 8 years?

Solução

E d u a r d o 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 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 13% 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 8 ye a rs ?

Solução

Amount : 797.53

Passos da solução

Translate the problem into an equation:

A = 300 (1 + \frac{0.13}{1})^{1 \cdot 8}

300 (1 + \frac{0.13}{1})^{1 \cdot 8} = 797.53325 \dots

Round to the nearest hundredth:

797.53

Amount : 797.53

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