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Beliebt Word Problems >

Isabelle opened a savings account and deposited 1,000.00 as principal. The account earns 12% interest, compounded annually. What is the balance after 10 years?

Lösung

I s ab e ll e 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 1, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 12% 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 10 ye a rs ?

Lösung

Amount : 3105.85

Schritte zur Lösung

Translate the problem into an equation:

A = 1000 (1 + \frac{0.12}{1})^{1 \cdot 10}

1000 (1 + \frac{0.12}{1})^{1 \cdot 10} = 3105.84820 \dots

Round to the nearest hundredth:

3105.85

Amount : 3105.85

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