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Popular Word Problems >

Find the final amount of money in an account if 2900 is deposited at 8% interest compounded annually and the money is left for 6 years

Solution

solve for

t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 2900 i s d e p os i t e d a t 8% in t eres t co m p o u n d e d ann u a ll y an d t h e m o n ey i s l e f t f or 6 ye a rs

Solution

Amount : 4601.94

Solution steps

Translate the problem into an equation:

A = 2900 (1 + \frac{0.08}{1})^{1 \cdot 6}

2900 (1 + \frac{0.08}{1})^{1 \cdot 6} = 4601.93553 \dots

Round to the nearest hundredth:

4601.94

Amount : 4601.94

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