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Populaire 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

étapes des solutions

Translate the problem into an equation:

A = 7100 (1 + 0.0775 \cdot 30)

7100 (1 + 0.0775 \cdot 30) = 23607.5

Amount : 23607.5

Exemples populaires

Jaden opened a savings account and deposited 500.00. The account earns 1% interest, compounded continuously. If he wants to use the money to buy a new bicycle in 1 year, how much will he be able to spend on the bike?Sam and Cara deposit 500.00 into a savings account which earns 12% interest compounded monthly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?if there are 22400people and this is 18.1 percent how many are there 2300 dollars is placed in an account with an annual interest rate of 5.5%. To the nearest tenth of a year, how long will it take for the account value to reach 4300 dollars 45 is 75% of what number