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Popular Word Problems >

Lisa deposited\$4000 into an account with 5.8% interest, compounded annually. Assuming that no withdrawals are made, how much will she have in the account after 10 years?

Solução

L i s a d e p os i t e d $4000 in t o an a cco u n t w i t h 5.8% in t eres t, co m p o u n d e d ann u a ll y . A ss u min g t ha t n o w i t h d r a w a l s a re ma d e, h o w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 10 ye a rs ?

Solução

Amount : 7029.37

Passos da solução

Translate the problem into an equation:

A = 4000 (1 + \frac{0.058}{1})^{1 \cdot 10}

4000 (1 + \frac{0.058}{1})^{1 \cdot 10} = 7029.37428 \dots

Round to the nearest hundredth:

7029.37

Amount : 7029.37

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