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Popular Word Problems >

Suppose you deposit 1, 000 in a savings account that pays interest at an annual rate of 5%. If no money is added or withdrawn from the account, how much will be in the account after 3 years?

Solution

S u pp ose yo u d e p os i t ​1, 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 5​%. I f n o m o n ey i s a dd e d or w i t h d r a w n f ro m t h e ​ a cco u n t, h o 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 : 1150

Solution steps

Translate the problem into an equation:

A = 1000 (1 + 0.05 \cdot 3)

1000 (1 + 0.05 \cdot 3) = 1150

Amount : 1150

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