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Populaire Word Problems >

Hanson opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded monthly. How much interest will he earn after 6 years?

Solution

H an so n o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 600.00 a s p r in c i p a l . T h e a cco u n t e a r n s 15% in t eres t, co m p o u n d e d m o n t h l y . Ho w m u c h in t eres t w i ll h e e a r n a f t er 6 ye a rs ?

Solution

Interest : 867.55

étapes des solutions

Translate the problem into an equation:

1467.55216 \dots = 600 + I

Solutionner pour

I, 1467.55216 \dots = 600 + I : I = 867.55

Interest : 867.55

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