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Popular Word Problems >

Cody opened a savings account and deposited 3,920.00 as principal. The account earns 4.15% interest, compounded annually. What is the balance after 9 years?

Solution

C o d y o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 3, 920.00 a s p r in c i p a l . T h e a cco u n t e a r n s 4.15% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 9 ye a rs ?

Solution

Amount : 5652.23

Solution steps

Translate the problem into an equation:

A = 3920 (1 + \frac{0.0415}{1})^{1 \cdot 9}

3920 (1 + \frac{0.0415}{1})^{1 \cdot 9} = 5652.22622 \dots

Round to the nearest hundredth:

5652.23

Amount : 5652.23

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