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Popular >

Suppose your friend's parents invest 10, 000 in an account paying 7% compounded annually. What will the balance be after 6 years?

Solution

Suppose your friend's parents invest 10, 000 in an account paying 7% compounded annually. What will the balance be after 6 years?

Solution

Amount : 15007.3

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.07}{1})^{1 \cdot 6}

10000 (1 + \frac{0.07}{1})^{1 \cdot 6} = 15007.30351 \dots

Round to the nearest hundredth:

15007.3

Amount : 15007.3

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