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Popular Word Problems >

Suppose that a loan of 4, 000 is given at an interest rate of 2% compounded each year. find the amount owed after 2 year

Solution

S u pp ose t ha t a l o an o f 4, 000 i s g i v e n a t an in t eres t r a t e o f 2% co m p o u n d e d e a c h ye a r . f in d t h e am o u n t o w e d a f t er 2 ye a r

Solution

Amount : 4161.6

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.02}{1})^{1 \cdot 2}

4000 (1 + \frac{0.02}{1})^{1 \cdot 2} = 4161.6

Amount : 4161.6

Popular Examples

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