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Popular Word Problems >

Suppose you deposit 2,000 in a savings account that pays interest at an annual rate of 6%. How much will be in the account after 3 years?

Solution

S u pp ose yo u d e p os i t ​2, 000 in a s a v in g s a cco u n t t ha t p a ys in t eres t a t an ann u a l r a t e o f 6​%. Ho w m u c h w i ll b e in t h e a cco u n t a f t er 3 ​ ye a rs ?

Solution

Amount : 2360

Solution steps

Translate the problem into an equation:

A = 2000 (1 + 0.06 \cdot 3)

2000 (1 + 0.06 \cdot 3) = 2360

Amount : 2360

Popular Examples

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