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Popular Word Problems >

Shawna puts 2,269.00 into an account to use for school expenses. The account earns 13.04% interest, compounded annually. How much will be in the account after 6 years?

Solution

S ha w na p u t s 2, 269.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 13.04% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 4733.99

Solution steps

Translate the problem into an equation:

A = 2269 (1 + \frac{0.1304}{1})^{1 \cdot 6}

2269 (1 + \frac{0.1304}{1})^{1 \cdot 6} = 4733.99057 \dots

Round to the nearest hundredth:

4733.99

Amount : 4733.99

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