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Popular Word Problems >

Jasmine deposited 700 in an account earning 9% interest compounded annually.To the nearest cent, how much will she have in 1 year?

Solution

J a s min e d e p os i t e d 700 in an a cco u n t e a r nin g 9% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll s h e ha v e in 1 ye a r ?

Solution

Amount : 763

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.09}{1})^{1 \cdot 1}

700 (1 + \frac{0.09}{1})^{1 \cdot 1} = 763

Amount : 763

Popular Examples

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