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Popular Word Problems >

Brody opened a savings account and deposited 1,347.00 as principal. The account earns 11.29% interest, compounded annually. What is the balance after 4 years?

Solution

B ro 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 1, 347.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11.29% 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 4 ye a rs ?

Solution

Amount : 2066.29

Solution steps

Translate the problem into an equation:

A = 1347 (1 + \frac{0.1129}{1})^{1 \cdot 4}

1347 (1 + \frac{0.1129}{1})^{1 \cdot 4} = 2066.29424 \dots

Round to the nearest hundredth:

2066.29

Amount : 2066.29

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