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Popular Word Problems >

Find the amount to which 800 will grow under each of these conditions:8% compounded annually for 10 years. Do not round intermediate calculations. Round your answer to the nearest cent.

Solution

solve for

t h e am o u n t t o w hi c h 800 w i ll g ro w u n d er e a c h o f t h ese co n d i t i o n s : 8% co m p o u n d e d ann u a ll y f or 10 ye a rs . Do n o t ro u n d in t er m e d ia t e c a l c u l a t i o n s . R o u n d yo u r an s w er t o t h e n e a res t ce n t .

Solution

Amount : 1727.14

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{1})^{1 \cdot 10}

800 (1 + \frac{0.08}{1})^{1 \cdot 10} = 1727.13999 \dots

Round to the nearest hundredth:

1727.14

Amount : 1727.14

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