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Popular Word Problems >

Laura opened a savings account and deposited 800.00 as principal. The account earns 13% interest, compounded annually. How much interest will she earn after 2 years?

Solution

L a u r a o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 13% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 2 ye a rs ?

Solution

Interest : 221.52

Solution steps

Translate the problem into an equation:

1021.52 = 800 + I

Solve for

I, 1021.52 = 800 + I : I = 221.52

Interest : 221.52

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