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Populaire Word Problems >

Rob has 5,000 in an account that earns 2% interest compounded annually.To the nearest cent, how much will he have in 5 years?

Solution

R o b ha s 5, 000 in an a cco u n t t ha t e a r n s 2% 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 5 ye a rs ?

Solution

Amount : 5520.4

étapes des solutions

Translate the problem into an equation:

A = 5000 (1 + \frac{0.02}{1})^{1 \cdot 5}

5000 (1 + \frac{0.02}{1})^{1 \cdot 5} = 5520.404016

Arrondir à hundredth la plus proche:

5520.4

Amount : 5520.4

Exemples populaires

Ingrid deposits 10,000 in an IRA. What will be the value of her investment in 6 years if the investment is earning 3.2% per year and is compounded continuously? Round to the nearest cent.Josiah invested 96,000 in an account paying an interest rate of 3.5% compounded continuously. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 153,400?Five times a number is the same as the différence of four times the number and eight. Find the number two numbers have a sum of 6, what are the two numbers if one number is 2 less than the other number a number is at least 22