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Popular Word Problems >

Evelyn placed 1,500 in a savings account which earns 5.2% interest, compounded annually. How much will she have in the account after 12 years?

Solution

E v e l y n pl a ce d 1, 500 in a s a v in g s a cco u n t w hi c h e a r n s 5.2% in t eres t, co m p o u n d e d ann u a ll y . Ho w m u c h w i ll s h e ha v e in t h e a cco u n t a f t er 12 ye a rs ?

Solution

Amount : 2756.01

Solution steps

Translate the problem into an equation:

A = 1500 (1 + \frac{0.052}{1})^{1 \cdot 12}

1500 (1 + \frac{0.052}{1})^{1 \cdot 12} = 2756.00586 \dots

Round to the nearest hundredth:

2756.01

Amount : 2756.01

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