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Popular Word Problems >

\ Krysta opened a savings account and deposited 500.00 as principal. The account earns 10% interest, compounded annually. What is the balance after 7 years

Solution

: Krys t 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 10% 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 7 ye a rs

Solution

Amount : 974.36

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.1}{1})^{1 \cdot 7}

500 (1 + \frac{0.1}{1})^{1 \cdot 7} = 974.35855

Round to the nearest hundredth:

974.36

Amount : 974.36

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