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Populaire Word Problems >

Roy puts 1,000.00 into an account to use for school expenses. The account earns 15% interest, compounded annually. How much will be in the account after 5 years?

Solution

R oy p u t s 1, 000.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . 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 w i ll b e in t h e a cco u n t a f t er 5 ye a rs ?

Solution

Amount : 2011.36

étapes des solutions

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{1})^{1 \cdot 5}

1000 (1 + \frac{0.15}{1})^{1 \cdot 5} = 2011.35718 \dots

Arrondir à hundredth la plus proche:

2011.36

Amount : 2011.36

Exemples populaires

calculate the area of a cercle with a radius of 4 units what sit he result when the number 45 increased by 57%Seven times a number is equal to 55.8 more than the number.The population of a city increases by 4.1% per year. If this year's population is 361,000, what will next year's population be, to the nearest individual?the différence of two numbers is 18 and their sum is 90 find the two numbers