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Popular Word Problems >

Fernando has 1, 608 in an account. The interest rate is 1% compounded annually.To the nearest cent, how much interest will he earn in 5 years?

Solution

F er nan d o ha s 1, 608 in an a cco u n t . T h e in t eres t r a t e i s 1% 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 in t eres t w i ll h e e a r n in 5 ye a rs ?

Solution

Interest : 82.02

Solution steps

Translate the problem into an equation:

1690.02416 \dots = 1608 + I

Solve for

I, 1690.02416 \dots = 1608 + I : I = 82.02

Interest : 82.02

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