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Popular Word Problems >

Chandler opened a savings account and deposited 8,000.00 as principal. The account earns 13% interest, compounded annually. What is the balance after 2 years?

Solution

C han d l 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 8, 000.00 a s p r in c i p a l . T h e a cco u n t e a r n s 13% 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 2 ye a rs ?

Solution

Amount : 10215.2

Solution steps

Translate the problem into an equation:

A = 8000 (1 + \frac{0.13}{1})^{1 \cdot 2}

8000 (1 + \frac{0.13}{1})^{1 \cdot 2} = 10215.2

Amount : 10215.2

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