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Popular Word Problems >

Leo has 20 in an account that earns 5% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

L eo ha s 20 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 w i ll h e ha v e in 1 ye a r ?

Solution

Amount : 21

Solution steps

Translate the problem into an equation:

A = 20 (1 + \frac{0.05}{1})^{1 \cdot 1}

20 (1 + \frac{0.05}{1})^{1 \cdot 1} = 21

Amount : 21

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