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Popular Word Problems >

Chris placed 7,400 in a savings account which compounds interest annually at a rate of 5.7% . How much will he have in the account after 4 years?

Solution

C h r i s pl a ce d 7, 400 in a s a v in g s a cco u n t w hi c h co m p o u n d s in t eres t ann u a ll y a t a r a t e o f 5.7% . Ho w m u c h w i ll h e ha v e in t h e a cco u n t a f t er 4 ye a rs ?

Solution

Amount : 9237.02

Solution steps

Translate the problem into an equation:

A = 7400 (1 + \frac{0.057}{1})^{1 \cdot 4}

7400 (1 + \frac{0.057}{1})^{1 \cdot 4} = 9237.01542 \dots

Round to the nearest hundredth:

9237.02

Amount : 9237.02

Popular Examples

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