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Populaire Word Problems >

Estelle opened a savings account and deposited 300.00 as principal. The account earns 7% interest, compounded annually. What is the balance after 9 years?

Solution

E s t e ll e o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 300.00 a s p r in c i p a l . T h e a cco u n t e a r n s 7% 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 a f t er 9 ye a rs ?

Solution

Amount : 551.54

étapes des solutions

Translate the problem into an equation:

A = 300 (1 + \frac{0.07}{1})^{1 \cdot 9}

300 (1 + \frac{0.07}{1})^{1 \cdot 9} = 551.53776 \dots

Arrondir à hundredth la plus proche:

551.54

Amount : 551.54

Exemples populaires

what is the smallest surface area of a circular cylinder with a volume of 330 cm, give the answer in numbers Each side of a cube is 33.4 feet long. What is the volume of the cube number is 30 less than its square. Find all such numbers.a number that when decreased by 30% is 64 a number that when decreased by 30% is 60