en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Suppose that a loan of 4,000 is given at an interest rate of 2% compounded each year. find the amount owed after 1 year

Solution

S u pp ose t ha t a l o an o f 4, 000 i s g i v e n a t an in t eres t r a t e o f 2% co m p o u n d e d e a c h ye a r . f in d t h e am o u n t o w e d a f t er 1 ye a r

Solution

Amount : 4080

Solution steps

Translate the problem into an equation:

A = 4000 (1 + \frac{0.02}{1})^{1 \cdot 1}

4000 (1 + \frac{0.02}{1})^{1 \cdot 1} = 4080

Amount : 4080

Popular Examples

Eleven less than two times a number x is twenty-nine.7 years ago, Marvin won some money in the lottery and put it in a bank account that earns 7% interest compounded quarterly. If Marvin currently has 1, 000.00 in the bank account, how much interest has he earned?timmy is 10 years older than joann. eight years from now the sum of their ages will be 82. how old are they now?44 decreased by twice a number ina wants to earn an extra 110 so that she can afford to buy a new phone. How many years will it take Nina to earn enough interest if she invests 1000 with her local bank at a simple interest rate of 5.5% pa?It will take Nina years to earn enough interest.