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Popular Word Problems >

Edward deposited 1,899 in an account earning 10% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

E d w a r d d e p os i t e d 1, 899 in an a cco u n t e a r nin g 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 1 ye a r ?

Solution

Amount : 2088.9

Solution steps

Translate the problem into an equation:

A = 1899 (1 + \frac{0.1}{1})^{1 \cdot 1}

1899 (1 + \frac{0.1}{1})^{1 \cdot 1} = 2088.9

Amount : 2088.9

Popular Examples

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