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Popular Word Problems >

Shelby opened a savings account and deposited 600.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 3 years?Round your answer to the nearest cent.

Solution

S h e l b y 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 600.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 3 ye a rs ? R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solution

Amount : 755.83

Solution steps

Translate the problem into an equation:

A = 600 (1 + \frac{0.08}{1})^{1 \cdot 3}

600 (1 + \frac{0.08}{1})^{1 \cdot 3} = 755.8272

Round to the nearest hundredth:

755.83

Amount : 755.83

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