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Popular Word Problems >

Gabrielle deposited 5,000 in an account earning 5% interest compounded annually.To the nearest cent, how much interest will she earn in 5 years?

Solution

G ab r i e ll e d e p os i t e d 5, 000 in an a cco u n t e a r nin g 5% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll s h e e a r n in 5 ye a rs ?

Solution

Interest : 1381.41

Solution steps

Translate the problem into an equation:

6381.40781 \dots = 5000 + I

Solve for

I, 6381.40781 \dots = 5000 + I : I = 1381.41

Interest : 1381.41

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