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Sam deposited 3500 into the bank. The account earns 2% interest compounded annually. What is his balance at the end of 8 years?

Solution

Sam deposited 3500 into the bank. The account earns 2% interest compounded annually. What is his balance at the end of 8 years?

Solution

Amount : 4100.81

Solution steps

Translate the problem into an equation:

A = 3500 (1 + \frac{0.02}{1})^{1 \cdot 8}

3500 (1 + \frac{0.02}{1})^{1 \cdot 8} = 4100.80783 \dots

Round to the nearest hundredth:

4100.81

Amount : 4100.81

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