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Popular Word Problems >

You deposit 60 in an investment account that earns 4.5% annual interest compounded annually.What is the balance of the account after 6 years?

Solution

Y o u d e p os i t 60 in an in v es t m e n t a cco u n t t ha t e a r n s 4.5% ann u a l 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 o f t h e a cco u n t a f t er 6 ye a rs ?

Solution

Amount : 78.14

Solution steps

Translate the problem into an equation:

A = 60 (1 + \frac{0.045}{1})^{1 \cdot 6}

60 (1 + \frac{0.045}{1})^{1 \cdot 6} = 78.13560 \dots

Round to the nearest hundredth:

78.14

Amount : 78.14

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