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Popular Word Problems >

Richard opened a savings account and deposited 800.00 as principal. The account earns 15% interest, compounded annually. How much interest will he earn after 8 years?

Solution

R i c ha r d 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 15% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h in t eres t w i ll h e e a r n a f t er 8 ye a rs ?

Solution

Interest : 1647.22

Solution steps

Translate the problem into an equation:

2447.21829 \dots = 800 + I

Solve for

I, 2447.21829 \dots = 800 + I : I = 1647.22

Interest : 1647.22

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