en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Suppose Greg places 3000 in an account that pays 18% interest compounded each year.Assume that no withdrawals are made from the account. find the amount after 1 year

Solution

S u pp ose G re g pl a ces 3000 in an a cco u n t t ha t p a ys 18% in t eres t co m p o u n d e d e a c h ye a r . A ss u m e t ha t n o w i t h d r a w a l s a re ma d e f ro m t h e a cco u n t . f in d t h e am o u n t a f t er 1 ye a r

Solution

Amount : 3540

Solution steps

Translate the problem into an equation:

A = 3000 (1 + \frac{0.18}{1})^{1 \cdot 1}

3000 (1 + \frac{0.18}{1})^{1 \cdot 1} = 3540

Amount : 3540

Popular Examples

The sum of 13 and twice a number is-19:Fin the number."The difference between a number and 7 is greater than-23."When a number is added to both the numerator and denominator of 1/4 the result is 2/3 The area of a rectangular pool is 3162m^2.If the length of the pool is 62m , what is its width?The sum of two numbers is 20 , and the difference between their squares is 40:Find the two numbers.