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Popular Word Problems >

Marshall has 700 in an account that earns 13% interest compounded annually.To the nearest cent, how much interest will he earn in 1 year?

Solution

M a rs ha ll ha s 700 in an a cco u n t t ha t e a r n s 13% 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 in t eres t w i ll h e e a r n in 1 ye a r ?

Solution

Interest : 91

Solution steps

Translate the problem into an equation:

791 = 700 + I

Solve for

I, 791 = 700 + I : I = 91

Interest : 91

Popular Examples

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