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Popular Word Problems >

14.Find the values for the following: a. An initial 500 compounded for 1 year at 6 percent

Solution

14. F in d t h e v a l u es f or t h e f o ll o w in g : a . A n ini t ia l 500 co m p o u n d e d f or 1 ye a r a t 6 p erce n t

Solution

Amount : 530

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.06}{1})^{1 \cdot 1}

500 (1 + \frac{0.06}{1})^{1 \cdot 1} = 530

Amount : 530

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