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Popular Word Problems >

if 18100 dollars is invested at an interest rate of 8 percent per year find the value of the investment at the end of 5 years annually.

Solution

i f 18100 d o ll a rs i s in v es t e d a t an in t eres t r a t e o f 8 p erce n t p er ye a r f in d t h e v a l u e o f t h e in v es t m e n t a t t h e e n d o f 5 ye a rs ann u a ll y .

Solution

Amount : 25340

Solution steps

Translate the problem into an equation:

A = 18100 (1 + 0.08 \cdot 5)

18100 (1 + 0.08 \cdot 5) = 25340

Amount : 25340

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