en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Colin puts 300.00 into an account to use for school expenses. The account earns 1% interest, compounded annually. How much will be in the account after 6 years?

Solution

C o l in p u t s 300.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 1% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 318.46

Solution steps

Translate the problem into an equation:

A = 300 (1 + \frac{0.01}{1})^{1 \cdot 6}

300 (1 + \frac{0.01}{1})^{1 \cdot 6} = 318.45604 \dots

Round to the nearest hundredth:

318.46

Amount : 318.46

Popular Examples

Farid opened a savings account and deposited 10,000.00 as principal. The account earns 4% interest, compounded monthly. What is the balance after 3 years?Candice is saving up money to buy a car. Candice puts 7,000.00 into an account which earns 1% interest, compounded quarterly. How much will she have in the account after 5 years?Round your answer to the nearest cent.two diminished by seven times a number simplify to lowest number-2\div6 Maggie deposited 100.00 into a new savings account that earns 10% interest compounded monthly. How long will it take for the balance to grow to 212.00?