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Populaire Word Problems >

A principal of 3700 dollars is invested at 8.25% interest, compounded annual. How much will the investment be worth after 15 years?

Solution

A p r in c i p a l o f 3700 d o ll a rs i s in v es t e d a t 8.25% in t eres t, co m p o u n d e d ann u a l . Ho w m u c h w i ll t h e in v es t m e n t b e w or t h a f t er 15 ye a rs ?

Solution

Amount : 12151.23

étapes des solutions

Translate the problem into an equation:

A = 3700 (1 + \frac{0.0825}{1})^{1 \cdot 15}

3700 (1 + \frac{0.0825}{1})^{1 \cdot 15} = 12151.23162 \dots

Arrondir à hundredth la plus proche:

12151.23

Amount : 12151.23

Exemples populaires

Devaughn's age is three times Sydney's age. The sum of their ages is 36. What is Sydney's age?15 increased by a number equals 27 Brooke earned 10,000.00 from a summer job and put it in a savings account that earns 15% interest compounded quarterly. When Brooke started college, she had 34,669.00 in the account which she used to pay for tuition. How long was the money in the account?Julian puts 800.00 into an account to use for school expenses. The account earns 5% interest, compounded annually. How much will be in the account after 4 years?Lila opened a savings account and deposited 1,000.00. The account earns 11% interest, compounded annually. If she wants to use the money to buy a new bicycle in 3 years, how much will she be able to spend on the bike?