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Popular Word Problems >

Emil invests 2,658 in a retirement account with a fixed annual interest rate of 9% compounding. What will the account balance be after 15 years?

Solution

E mi l in v es t s 2, 658 in a re t i re m e n t a cco u n t w i t h a f i x e d ann u a l in t eres t r a t e o f 9% co m p o u n d in g . Wha t w i ll t h e a cco u n t ba l an ce b e a f t er 15 ye a rs ?

Solution

Amount : 9681.72

Solution steps

Translate the problem into an equation:

A = 2658 (1 + \frac{0.09}{1})^{1 \cdot 15}

2658 (1 + \frac{0.09}{1})^{1 \cdot 15} = 9681.71837 \dots

Round to the nearest hundredth:

9681.72

Amount : 9681.72

Popular Examples

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