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Popular Word Problems >

Ashley opened a savings account and deposited 500.00 as principal. The account earns 5% interest, compounded annually. How much interest will she earn after 6 years?

Solution

A s h l ey o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 5% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 6 ye a rs ?

Solution

Interest : 170.05

Solution steps

Translate the problem into an equation:

670.04782 \dots = 500 + I

Solve for

I, 670.04782 \dots = 500 + I : I = 170.05

Interest : 170.05

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