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Popular Word Problems >

2900 dollars is placed in an account with an annual interest rate of 9%. How much will be in the account after 13 years, to the nearest cent?

Solution

2900 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 9%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 13 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 6293

Solution steps

Translate the problem into an equation:

A = 2900 (1 + 0.09 \cdot 13)

2900 (1 + 0.09 \cdot 13) = 6293

Amount : 6293

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