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Popular Word Problems >

Simon has 9,538 in an account that earns 10% interest compounded annually.To the nearest cent, how much will he have in 5 years?

Solution

S im o n ha s 9, 538 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 w i ll h e ha v e in 5 ye a rs ?

Solution

Amount : 15361.04

Solution steps

Translate the problem into an equation:

A = 9538 (1 + \frac{0.1}{1})^{1 \cdot 5}

9538 (1 + \frac{0.1}{1})^{1 \cdot 5} = 15361.04438

Round to the nearest hundredth:

15361.04

Amount : 15361.04

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