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Popular Word Problems >

a company invests R700000 into a bank account that pays 10% interest, compounding annually.how much will this investment be worth in 2 years

Solution

a co m p an y in v es t s R 700000 in t o a bank a cco u n t t ha t p a ys 10% in t eres t, co m p o u n d in g ann u a ll y . h o w m u c h w i ll t hi s in v es t m e n t b e w or t h in 2 ye a rs

Solution

Amount : 847000

Solution steps

Translate the problem into an equation:

A = 700000 (1 + \frac{0.1}{1})^{1 \cdot 2}

700000 (1 + \frac{0.1}{1})^{1 \cdot 2} = 847000

Amount : 847000

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