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Popular Word Problems >

Jeffrey opened a savings account and deposited 100.00 as principal. The account earns 6% interest, compounded monthly. How much interest will he earn after 3 years?

Solution

J e ff rey 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 100.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll h e e a r n a f t er 3 ye a rs ?

Solution

Interest : 19.67

Solution steps

Translate the problem into an equation:

119.66805 \dots = 100 + I

Solve for

I, 119.66805 \dots = 100 + I : I = 19.67

Interest : 19.67

Popular Examples

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