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Popular Word Problems >

a man deposited 6000 dollar in a bank account which pays 5 percent simple interest per year.find the value of his deposit after 4 years

Solution

a man d e p os i t e d 6000 d o ll a r in a bank a cco u n t w hi c h p a ys 5 p erce n t s im pl e in t eres t p er ye a r . f in d t h e v a l u e o f hi s d e p os i t a f t er 4 ye a rs

Solution

Amount : 7200

Solution steps

Translate the problem into an equation:

A = 6000 (1 + 0.05 \cdot 4)

6000 (1 + 0.05 \cdot 4) = 7200

Amount : 7200

Popular Examples

40% of what number is 10 the perimeter of a rectangular playground is 36m.if the length of the playground is 6m,what is the width of the perimeter A rectangular table is 22.5 inches wide and 31 inches long.Using the Pythagorean theorem, what is the length of the diagonal of the table a number decreased by 21 is equal to the product of a number and-23 Use the given information to find the amount A in the account earning compound interest after 6 years when the principal is 3500. r=2.29%, compounded monthly