Brody invested 220 in an account paying an interest rate of 3.6% compounded annually. Assuming no deposits or withdrawals are made, how much money, to the nearest ten dollars, would be in the account after 17 years?

Solution

Solution

Amount : 401.36

Solution steps

Translate the problem into an equation:

A = 220 (1 + \frac{0.036}{1})^{1 \cdot 17}

220 (1 + \frac{0.036}{1})^{1 \cdot 17} = 401.36409 \dots

Round to the nearest hundredth:

401.36

Amount : 401.36

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