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Popular Word Problems >

Bryan opened a savings account and deposited 2,907.00 as principal. The account earns 14% interest, compounded annually. What is the balance after 5 years?

Solution

B ry an o p e n e d a s a v in g s a cco u n t an d d e p os i t e d 2, 907.00 a s p r in c i p a l . T h e a cco u n t e a r n s 14% in t eres t, co m p o u n d e d ann u a ll y . Wha t i s t h e ba l an ce a f t er 5 ye a rs ?

Solution

Amount : 5597.18

Solution steps

Translate the problem into an equation:

A = 2907 (1 + \frac{0.14}{1})^{1 \cdot 5}

2907 (1 + \frac{0.14}{1})^{1 \cdot 5} = 5597.18019 \dots

Round to the nearest hundredth:

5597.18

Amount : 5597.18

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