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Popular Word Problems >

8300 dollars is placed in an account with an annual interest rate of 6.5%. How much will be in the account after 14 years, to the nearest cent?

Solution

8300 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.5%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 14 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 15853

Solution steps

Translate the problem into an equation:

A = 8300 (1 + 0.065 \cdot 14)

8300 (1 + 0.065 \cdot 14) = 15853

Amount : 15853

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