en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

1600 dollars is placed in an account with an annual interest rate of 5.25%. How much will be in the account after 25 years, to the nearest cent?

Solution

1600 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 5.25%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 25 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 3700

Solution steps

Translate the problem into an equation:

A = 1600 (1 + 0.0525 \cdot 25)

1600 (1 + 0.0525 \cdot 25) = 3700

Amount : 3700

Popular Examples

You deposit 600 in an account. The account earns 45 simple interest in 2 years. What is the annual interest rate?Sam deposit 6000 in a bank with 8% simple interest, how much will he have after 7years?Tammy borrowed 21,000 for 5½ years at an annual simple interest rate of 7.5% to pay for college. What is the total amount she will repay the loan?You deposit 1300 in a savings account. The account earns 4.5% simple interest per year. What is the balance after 3 years?Brooke has 7 in an account that earns 10% interest compounded annually.To the nearest cent, how much will she have in 2 years?