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Popular Word Problems >

Suppose Greg places 3000 in an account that pays 18% interest compounded each year.Assume that no withdrawals are made from the account. find the amount after 2 years

Solution

S u pp ose G re g pl a ces 3000 in an a cco u n t t ha t p a ys 18% in t eres t co m p o u n d e d e a c h ye a r . A ss u m e t ha t n o w i t h d r a w a l s a re ma d e f ro m t h e a cco u n t . f in d t h e am o u n t a f t er 2 ye a rs

Solution

Amount : 4177.2

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.18}{1})^{1 \cdot 2}

3000 (1 + \frac{0.18}{1})^{1 \cdot 2} = 4177.2

Amount : 4177.2

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