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Popular Word Problems >

Jacob deposited 2,535 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 3 years?

Solution

J a co b d e p os i t e d 2, 535 in an a cco u n t e a r nin g 10% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h w i ll h e ha v e in 3 ye a rs ?

Solution

Amount : 3374.085

Solution steps

Translate the problem into an equation:

A = 2535 (1 + \frac{0.1}{1})^{1 \cdot 3}

2535 (1 + \frac{0.1}{1})^{1 \cdot 3} = 3374.085

Amount : 3374.085

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