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Popular Word Problems >

Suppose that a loan of 2, 500 is given at an interest rate of 8% compounded each year. find the amount owed after 2 year

Solution

S u pp ose t ha t a l o an o f 2, 500 i s g i v e n a t an in t eres t r a t e o f 8% 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 2 ye a r

Solution

Amount : 2916

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.08}{1})^{1 \cdot 2}

2500 (1 + \frac{0.08}{1})^{1 \cdot 2} = 2916

Amount : 2916

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