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Popular Word Problems >

If 1200 is invested in an account that earns 9.01% compounded annually for 6 years, find the interest earned during each year and the amount in the account at the end of each year.

Solution

I f ​1200 i s in v es t e d in an a cco u n t t ha t e a r n s 9.01​% co m p o u n d e d ann u a ll y f or 6 ye a rs ​, f in d t h e in t eres t e a r n e d d u r in g e a c h ye a r an d t h e am o u n t in t h e a cco u n t a t t h e e n d o f e a c h ye a r .

Solution

Interest : 813.63

Solution steps

Translate the problem into an equation:

2013.62819 \dots = 1200 + I

Solve for

I, 2013.62819 \dots = 1200 + I : I = 813.63

Interest : 813.63

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