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Popular Word Problems >

Question 7800 dollars is placed in an account with an annual interest rate of 6.5% How much will be in the account after 29 years, to the nearest cent?

Solution

Q u es t i o n 7800 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 6.5% Ho w m u c h w i ll b e in t h e a cco u n t a f t er 29 ye a rs, t o t h e n e a res t ce n t ?

Solution

Amount : 22503

Solution steps

Translate the problem into an equation:

A = 7800 (1 + 0.065 \cdot 29)

7800 (1 + 0.065 \cdot 29) = 22503

Amount : 22503

Popular Examples

The sum of twice a number and 17 is-19 . Find the number.if i invest 7000 at 7.2% per year compounded daily. how many years will it take for my investment to reach 8000 1 less than a doubled number is equivalent to 5 more than 3 lots of the number.six more than the product of a number and 3 is equal to 8.The difference between a number and 13 is:-29 . Find the number.