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Popular Word Problems >

You deposit 580 in an account that earns simple interest at an annual rate of 4%.If no other deposits or withdrawals were made, what is the total amount of money in the account at the end of 5 years?

Solution

Y o u d e p os i t 580 in an a cco u n t t ha t e a r n s s im pl e in t eres t a t an ann u a l r a t e o f 4%. I f n o o t h er d e p os i t s or w i t h d r a w a l s w ere ma d e, w ha t i s t h e t o t a l am o u n t o f m o n ey in t h e a cco u n t a t t h e e n d o f 5 ye a rs ?

Solution

Amount : 696

Solution steps

Translate the problem into an equation:

A = 580 (1 + 0.04 \cdot 5)

580 (1 + 0.04 \cdot 5) = 696

Amount : 696

Popular Examples

The sum of 6 times a number and 5 is 8 .The diameter of a circle is 12 cm. Find its area in terms of circle's radius is 8 feet. What is the circle's area? Use 3.14 or a calculator button for pi and provide an answer accurate to the nearest tenth.The sum of 6 times a number and 8 equals 9 write a function that represents the situation. "Sales of \$10,000 increase by 65% each year"