en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Molly opened a savings account and deposited 800.00 as principal. The account earns 15% interest, compounded annually. How much interest will she earn after 2 years??

Solution

M o ll y 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 15% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h in t eres t w i ll s h e e a r n a f t er 2 ye a rs ??

Solution

Interest : 258

Solution steps

Translate the problem into an equation:

1058 = 800 + I

Solve for

I, 1058 = 800 + I : I = 258

Interest : 258

Popular Examples

Child Left Behind Practic 20% of what number is 48 TUT Carter invested 16,000 in an account paying an interest rate of 5.6% compounded monthly. Assuming no deposits or withdrawals are made, how long would it take, to the nearest year, for the value of the account to reach 29,600?4 divided by the difference of 7 and a number Quinn opened a savings account and deposited 800.00 as principal. The account earns 12% interest, compounded quarterly. What is the balance after 8 years?the quotient of-5 and the product of a number and 23