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Popular Word Problems >

Suppose there is 4500 in a bank account at an interest rate of 11% compounded each year.Find the amount owed at the end of 1 year.

Solution

S u pp ose t h ere i s 4500 in a bank a cco u n t a t an in t eres t r a t e o f 11% co m p o u n d e d e a c h ye a r . F in d t h e am o u n t o w e d a t t h e e n d o f 1 ye a r .

Solution

Amount : 4995

Solution steps

Translate the problem into an equation:

A = 4500 (1 + \frac{0.11}{1})^{1 \cdot 1}

4500 (1 + \frac{0.11}{1})^{1 \cdot 1} = 4995

Amount : 4995

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