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Popular Word Problems >

Porter puts 525.00 into an account to use for school expenses. The account earns 14% interest, compounded annually. How much will be in the account after 9 years?

Solution

P or t er p u t s 525.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 14% 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 b e in t h e a cco u n t a f t er 9 ye a rs ?

Solution

Amount : 1707.27

Solution steps

Translate the problem into an equation:

A = 525 (1 + \frac{0.14}{1})^{1 \cdot 9}

525 (1 + \frac{0.14}{1})^{1 \cdot 9} = 1707.27297 \dots

Round to the nearest hundredth:

1707.27

Amount : 1707.27

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