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Popular Word Problems >

A teacher wants to invest 30,000 into an account that compounds annually. The interest rate at this bank is 1.8%. How much money will be in the account after 6 years?

Solution

A t e a c h er w an t s t o in v es t 30, 000 in t o an a cco u n t t ha t co m p o u n d s ann u a ll y . T h e in t eres t r a t e a t t hi s bank i s 1.8%. Ho w m u c h m o n ey w i ll b e in t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 33389.35

Solution steps

Translate the problem into an equation:

A = 30000 (1 + \frac{0.018}{1})^{1 \cdot 6}

30000 (1 + \frac{0.018}{1})^{1 \cdot 6} = 33389.34678 \dots

Round to the nearest hundredth:

33389.35

Amount : 33389.35

Popular Examples

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