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Populaire Word Problems >

Omar has 8,815 in an account that earns 10% interest compounded annually.To the nearest cent, how much will he have in 1 year?

Solution

O ma r ha s 8, 815 in an a cco u n t t ha t e a r n s 10% 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 w i ll h e ha v e in 1 ye a r ?

Solution

Amount : 9696.5

étapes des solutions

Translate the problem into an equation:

A = 8815 (1 + \frac{0.1}{1})^{1 \cdot 1}

8815 (1 + \frac{0.1}{1})^{1 \cdot 1} = 9696.5

Amount : 9696.5

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