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Popular Word Problems >

Annie has 9,000 in an account that earns 5% interest compounded annually.To the nearest cent, how much interest will she earn in 2 years?

Solution

A nni e ha s 9, 000 in an a cco u n t t ha t e a r n s 5% 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 2 ye a rs ?

Solution

Interest : 922.5

Solution steps

Translate the problem into an equation:

9922.5 = 9000 + I

Solve for

I, 9922.5 = 9000 + I : I = 922.5

Interest : 922.5

Popular Examples

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