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شائع Word Problems >

Suppose that 5500 is placed in an account that pays 2% interest compounded each year. Assume that no withdrawals are made from the account. Find the amount in the account at the end of 1 year.

الحلّ

S u pp ose t ha t 5500 i s pl a ce d in an a cco u n t t ha t p a ys 2% in t eres t co m p o u n d e d e a c h ye a r . A ss u m e t ha t n o w i t h d r a w a l s a re ma d e f ro m t h e a cco u n t . F in d t h e am o u n t in t h e a cco u n t a t t h e e n d o f 1 ye a r .

الحلّ

Amount : 5610

خطوات الحلّ

Translate the problem into an equation:

A = 5500 (1 + \frac{0.02}{1})^{1 \cdot 1}

5500 (1 + \frac{0.02}{1})^{1 \cdot 1} = 5610

Amount : 5610

أمثلة شائعة

Megan opened a savings account and deposited 1,331.00. The account earns 1% interest, compounded quarterly. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?How much would you need to deposit in an account now in order to have 6000 in the account in 15 years? Assume the account earns 3% interest compounded monthly.Six times a number decreased by ten is eight. Find the number.Find two consecutive whole numbers that sqrt(8) lies between.The sum of three consecutive integers is 216 . Find the integers.