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Popular Word Problems >

After ten years, how much money will you have accumulated from 5,000 invested in a savings account with a 5% annual interest rate that is compounded annually?

Solution

A f t er t e n ye a rs, h o w m u c h m o n ey w i ll yo u ha v e a cc u m u l a t e d f ro m 5, 000 in v es t e d in a s a v in g s a cco u n t w i t h a 5% ann u a l in t eres t r a t e t ha t i s co m p o u n d e d ann u a ll y ?

Solution

Amount : 8144.47

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.05}{1})^{1 \cdot 10}

5000 (1 + \frac{0.05}{1})^{1 \cdot 10} = 8144.47313 \dots

Round to the nearest hundredth:

8144.47

Amount : 8144.47

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