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Populaire Word Problems >

Linda opened a savings account and deposited 7,000.00 as principal. The account earns 4% interest, compounded annually. What is the balance after 4 years?

Solution

L in d a 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 7, 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 4% 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 : 8189.01

étapes des solutions

Translate the problem into an equation:

A = 7000 (1 + \frac{0.04}{1})^{1 \cdot 4}

7000 (1 + \frac{0.04}{1})^{1 \cdot 4} = 8189.00992

Arrondir à hundredth la plus proche:

8189.01

Amount : 8189.01

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