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Popular Word Problems >

An investor opens an account with a principal of 6,390. The account earns 3.2% simple annual interest. What is the total account balance after 12 years?

Solution

implicit derivative

in v es t or o p e n s an a cco u n t w i t h a p r in c i p a l o f 6, 390. T h e a cco u n t e a r n s 3.2% s im pl e ann u a l in t eres t . Wha t i s t h e t o t a l a cco u n t ba l an ce a f t er 12 ye a rs ?

Solution

Amount : 8843.76

Solution steps

Translate the problem into an equation:

A = 6390 (1 + 0.032 \cdot 12)

6390 (1 + 0.032 \cdot 12) = 8843.76

Amount : 8843.76

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