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Popular Word Problems >

Sam has 50 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

S am ha s 50 in an a cco u n t t ha 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 . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 3 ye a rs ?

Solution

Amount : 57.88

Solution steps

Translate the problem into an equation:

A = 50 (1 + \frac{0.05}{1})^{1 \cdot 3}

50 (1 + \frac{0.05}{1})^{1 \cdot 3} = 57.88125

Round to the nearest hundredth:

57.88

Amount : 57.88

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