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Popular Word Problems >

what is the balance after 7 years if 54000 is invested at 6% compound annually

Solution

w ha t i s t h e ba l an ce a f t er 7 ye a rs i f 54000 i s in v es t e d a t 6% co m p o u n d ann u a ll y

Solution

Amount : 81196.03

Solution steps

Translate the problem into an equation:

A = 54000 (1 + \frac{0.06}{1})^{1 \cdot 7}

54000 (1 + \frac{0.06}{1})^{1 \cdot 7} = 81196.03398 \dots

Round to the nearest hundredth:

81196.03

Amount : 81196.03

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