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Popular Word Problems >

Tim opened a savings account and deposited 300.00 as principal. The account earns 5% interest, compounded monthly. How much interest will he earn after 3 years?

Solution

T im 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 5% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll h e e a r n a f t er 3 ye a rs ?

Solution

Interest : 48.44

Solution steps

Translate the problem into an equation:

348.44166 \dots = 300 + I

Solve for

I, 348.44166 \dots = 300 + I : I = 48.44

Interest : 48.44

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