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Popular Word Problems >

Spencer deposited 10 in an account earning 5% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

Sp e n cer d e p os i t e d 10 in an a cco u n t e a r nin g 5% 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 h e ha v e in 3 ye a rs ?

Solution

Amount : 11.58

Solution steps

Translate the problem into an equation:

A = 10 (1 + \frac{0.05}{1})^{1 \cdot 3}

10 (1 + \frac{0.05}{1})^{1 \cdot 3} = 11.57625

Round to the nearest hundredth:

11.58

Amount : 11.58

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