en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Candice opened a savings account and deposited 800.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 4 years?

Solution

C an d i ce 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 14% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 4 ye a rs ?

Solution

Amount : 1351.17

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.14}{1})^{1 \cdot 4}

800 (1 + \frac{0.14}{1})^{1 \cdot 4} = 1351.168128

Round to the nearest hundredth:

1351.17

Amount : 1351.17

Popular Examples

sara lost her weight by 6.25 percent. if her new weight is 43kg then find her previous weight.4% of what number is 6 4% of what number is 7 one number is three moro than the other their sum is 7find the number An amount is invested for 5 years at 16% p.a. compounding quarterly. If the value of the investment after 5years is 80,600, what was the principal?