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Popular Word Problems >

Braden has 700 in an account that earns 10% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

B r a d e n ha s 700 in an a cco u n t t ha t e a r n s 10% 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 : 931.7

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.1}{1})^{1 \cdot 3}

700 (1 + \frac{0.1}{1})^{1 \cdot 3} = 931.7

Amount : 931.7

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