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Popular Word Problems >

Kendra has 1,757 in an account that earns 12% interest compounded annually.To the nearest cent, how much interest will she earn in 1 year?

Solution

Ke n d r a ha s 1, 757 in an a cco u n t t ha t e a r n s 12% 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 in t eres t w i ll s h e e a r n in 1 ye a r ?

Solution

Interest : 210.84

Solution steps

Translate the problem into an equation:

1967.84 = 1757 + I

Solve for

I, 1967.84 = 1757 + I : I = 210.84

Interest : 210.84

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