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Popular Word Problems >

Dalton has 40 in an account that earns 10% interest compounded annually.To the nearest cent, how much interest will he earn in 1 year?

Solution

D a lt o n ha s 40 in an a cco u n t t ha 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 . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 1 ye a r ?

Solution

Interest : 4

Solution steps

Translate the problem into an equation:

44 = 40 + I

Solve for

I, 44 = 40 + I : I = 4

Interest : 4

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