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Popular Word Problems >

Jessica placed 1,100 in a savings account which earns 3.7% interest, compounded annually. How much will she have in the account after 15 years.

Solution

J ess i c a pl a ce d 1, 100 in a s a v in g s a cco u n t w hi c h e a r n s 3.7% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 15 ye a rs .

Solution

Amount : 1897.03

Solution steps

Translate the problem into an equation:

A = 1100 (1 + \frac{0.037}{1})^{1 \cdot 15}

1100 (1 + \frac{0.037}{1})^{1 \cdot 15} = 1897.02926 \dots

Round to the nearest hundredth:

1897.03

Amount : 1897.03

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