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Beliebt Word Problems >

Elijah opened a savings account and deposited 500.00 as principal. The account earns 2% interest, compounded annually. What is the balance after 5 years?

Lösung

El ijah 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 500.00 a s p r in c i p a l . T h e a cco u n t e a r n s 2% 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 5 ye a rs ?

Lösung

Amount : 552.04

Schritte zur Lösung

Translate the problem into an equation:

A = 500 (1 + \frac{0.02}{1})^{1 \cdot 5}

500 (1 + \frac{0.02}{1})^{1 \cdot 5} = 552.04040 \dots

Round to the nearest hundredth:

552.04

Amount : 552.04

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