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Populaire Word Problems >

Carter opened a savings account and deposited 400.00 as principal. The account earns 11% interest, compounded annually. What is the balance after 6 years?

Solution

C a r t er 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 400.00 a s p r in c i p a l . T h e a cco u n t e a r n s 11% 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 6 ye a rs ?

Solution

Amount : 748.17

étapes des solutions

Translate the problem into an equation:

A = 400 (1 + \frac{0.11}{1})^{1 \cdot 6}

400 (1 + \frac{0.11}{1})^{1 \cdot 6} = 748.16582 \dots

Arrondir à hundredth la plus proche:

748.17

Amount : 748.17

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