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Popular Word Problems >

7100 dollars is placed in an account with an annual interest rate of 7.75%. How much will be in the account after 30 years, to the nearest cent? Write Exponential Function

Solution

7100 d o ll a rs i s pl a ce d in an a cco u n t w i t h an ann u a l in t eres t r a t e o f 7.75%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 30 ye a rs, t o t h e n e a res t ce n t ? W r i t e E x p o n e n t ia l F u n c t i o n

Solution

Amount : 23607.5

Solution steps

Translate the problem into an equation:

A = 7100 (1 + 0.0775 \cdot 30)

7100 (1 + 0.0775 \cdot 30) = 23607.5

Amount : 23607.5

Popular Examples

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