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Popular Word Problems >

If Josh invests 500 in a 5-year fixed interest savings bond that pays 5% per annum, how much will his entire investment be worth at the end of the term?

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Solution

IfJoshinvests500ina5−yearfixedinterestsavingsbondthatpays5%perannum,howmuchwillhisentireinvestmentbeworthattheendoftheterm?

Solution

Amount:625
Solution steps
Translate the problem into an equation:A=500(1+0.05⋅5)
500(1+0.05⋅5)=625
Amount:625

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