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Popular Word Problems >

9000 dollars is placed in an account with an annual interest rate of 7.75%. How much will be in the account after 18 years, to the nearest cent?

Solution

9000 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 7.75%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 18 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 21555

Solution steps

Translate the problem into an equation:

A = 9000 (1 + 0.0775 \cdot 18)

9000 (1 + 0.0775 \cdot 18) = 21555

Amount : 21555

Popular Examples

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