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Popular Word Problems >

Zane deposited 3,000 in an account earning 11% interest compounded annually.To the nearest cent, how much will he have in 4 years?

Solution

Z an e d e p os i t e d 3, 000 in an a cco u n t e a r nin g 11% 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 w i ll h e ha v e in 4 ye a rs ?

Solution

Amount : 4554.21

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.11}{1})^{1 \cdot 4}

3000 (1 + \frac{0.11}{1})^{1 \cdot 4} = 4554.21123

Round to the nearest hundredth:

4554.21

Amount : 4554.21

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