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Popular Word Problems >

If 300 is invested at an interest rate of 5.5% per year, find the amount of the investment at the end of 15 years

Solution

I f 300 i s in v es t e d a t an in t eres t r a t e o f 5.5% p er ye a r, f in d t h e am o u n t o f t h e in v es t m e n t a t t h e e n d o f 15 ye a rs

Solution

Amount : 547.5

Solution steps

Translate the problem into an equation:

A = 300 (1 + 0.055 \cdot 15)

300 (1 + 0.055 \cdot 15) = 547.5

Amount : 547.5

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