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Popular Word Problems >

put $7000 in a savings account that pays 3% interest compounded annually. I plan to leave it in the bank for 20 years. What amount will I have then?

Solution

Solution

Amount : 12642.78

Solution steps

Translate the problem into an equation:

A = 7000 (1 + \frac{0.03}{1})^{1 \cdot 20}

7000 (1 + \frac{0.03}{1})^{1 \cdot 20} = 12642.77864 \dots

Round to the nearest hundredth:

12642.78

Amount : 12642.78

Popular Examples

The larger of two numbers is 15 more than three times the smaller number. If the sum of the two numbers is 63, find the numbers Four less than the product of 8 and a number equals 5 Two more than the quotient of a number and 7 is 6 One number is 12 more than another. Their sum is 38. Find the numbers.Find the number if twice the sum of the number and 4 is equal to 11 more than the number