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Popular Word Problems >

Lara has 8,770 in an account that earns 9% interest compounded annually.To the nearest cent, how much interest will she earn in 4 years?

Solution

L a r a ha s 8, 770 in an a cco u n t t ha t e a r n s 9% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll s h e e a r n in 4 ye a rs ?

Solution

Interest : 3609.57

Solution steps

Translate the problem into an equation:

12379.57071 \dots = 8770 + I

Solve for

I, 12379.57071 \dots = 8770 + I : I = 3609.57

Interest : 3609.57

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