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Popular Word Problems >

Karen puts 700.00 into an account to use for school expenses. The account earns 10% interest, compounded annually. How much will be in the account after 6 years? Round to nearest cent

Solution

K a re n p u t s 700.00 in t o an a cco u n t t o u se f or sc h oo l e x p e n ses . T h e a cco u n t e a r n s 10% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll b e in t h e a cco u n t a f t er 6 ye a rs ? R o u n d t o n e a res t ce n t

Solution

Amount : 1240.09

Solution steps

Translate the problem into an equation:

A = 700 (1 + \frac{0.1}{1})^{1 \cdot 6}

700 (1 + \frac{0.1}{1})^{1 \cdot 6} = 1240.0927

Round to the nearest hundredth:

1240.09

Amount : 1240.09

Popular Examples

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