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Popular Word Problems >

Porter opened a savings account and deposited 800.00 as principal. The account earns 8% interest, compounded annually. What is the balance after 5 years?

Solution

P or t er 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 800.00 a s p r in c i p a l . T h e a cco u n t e a r n s 8% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solution

Amount : 1175.46

Solution steps

Translate the problem into an equation:

A = 800 (1 + \frac{0.08}{1})^{1 \cdot 5}

800 (1 + \frac{0.08}{1})^{1 \cdot 5} = 1175.46246 \dots

Round to the nearest hundredth:

1175.46

Amount : 1175.46

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