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Popular Word Problems >

Trudy deposited 8,307 in an account earning 1% interest compounded annually.To the nearest cent, how much will she have in 2 years?

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Solution

Trudydeposited8,307inanaccountearning1%interestcompoundedannually.Tothenearestcent,howmuchwillshehavein2years?

Solution

Amount:8473.97
Solution steps
Translate the problem into an equation:A=8307(1+10.01​)1⋅2
8307(1+10.01​)1⋅2=8473.9707
Round to the nearest hundredth:8473.97
Amount:8473.97

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