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Popular Word Problems >

Josh has 215 in an account. The interest rate is 14% compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

J os h ha s 215 in an a cco u n t . T h e in t eres t r a t e i s 14% co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 3 ye a rs ?

Solution

Amount : 318.53

Solution steps

Translate the problem into an equation:

A = 215 (1 + \frac{0.14}{1})^{1 \cdot 3}

215 (1 + \frac{0.14}{1})^{1 \cdot 3} = 318.53196

Round to the nearest hundredth:

318.53

Amount : 318.53

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