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Popular Word Problems >

8000 dollars is placed in an account with an annual interest rate of 6.55%. How much will be in the account after 15 years, to the nearest cent

Solution

8000 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.55%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 15 ye a rs, t o t h e n e a res t ce n t

Solution

Amount : 15860

Solution steps

Translate the problem into an equation:

A = 8000 (1 + 0.0655 \cdot 15)

8000 (1 + 0.0655 \cdot 15) = 15860

Amount : 15860

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