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Popular Word Problems >

Find the final amount of money in an account if 6,700 is deposited at 3.5% interest compounded annually and the money is left for 10 years.

Solution

solve for

t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 6, 700 i s d e p os i t e d a t 3.5% in t eres t co m p o u n d e d ann u a ll y an d t h e m o n ey i s l e f t f or 10 ye a rs .

Solution

Amount : 9451.01

Solution steps

Translate the problem into an equation:

A = 6700 (1 + \frac{0.035}{1})^{1 \cdot 10}

6700 (1 + \frac{0.035}{1})^{1 \cdot 10} = 9451.01169 \dots

Round to the nearest hundredth:

9451.01

Amount : 9451.01

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