en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Sanjay opened a savings account and deposited 1,803.00 as principal. The account earns 5% interest, compounded annually. What is the balance after 5 years?

Solution

S anja y 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 1, 803.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% 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 5 ye a rs ?

Solution

Amount : 2301.14

Solution steps

Translate the problem into an equation:

A = 1803 (1 + \frac{0.05}{1})^{1 \cdot 5}

1803 (1 + \frac{0.05}{1})^{1 \cdot 5} = 2301.13565 \dots

Round to the nearest hundredth:

2301.14

Amount : 2301.14

Popular Examples

Roxanne puts 1,562.00 into an account to use for school expenses. The account earns 10.42% interest, compounded quarterly. How much will be in the account after 5 years?the difference of a number and 19 (60)/(13/3) give me number value 3 years ago, Barry won some money in the lottery and put it in a bank account that earns 12% interest compounded annually. If Barry currently has 1,000.00 in the bank account, how much interest has he earned?if a die is thrown twice, find the probability of getting two 4's