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Popular Word Problems >

Andy has 1,000 in an account. The interest rate is 15% compounded annually.To the nearest cent, how much will he have in 2 years?

Solution

A n d y ha s 1, 000 in an a cco u n t . T h e in t eres t r a t e i s 15% 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 2 ye a rs ?

Solution

Amount : 1322.5

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.15}{1})^{1 \cdot 2}

1000 (1 + \frac{0.15}{1})^{1 \cdot 2} = 1322.5

Amount : 1322.5

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