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Popular Word Problems >

Assume that you deposit 2,107 into an account that pays 10 percent per annum. How much money will be in the account 22 years from today?

Solution

A ss u m e t ha t yo u d e p os i t 2, 107 in t o an a cco u n t t ha t p a ys 10 p erce n t p er ann u m . Ho w m u c h m o n ey w i ll b e in t h e a cco u n t 22 ye a rs f ro m t o d a y ?

Solution

Amount : 6742.4

Solution steps

Translate the problem into an equation:

A = 2107 (1 + 0.1 \cdot 22)

2107 (1 + 0.1 \cdot 22) = 6742.4

Amount : 6742.4

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