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Popular Word Problems >

Katy opened a savings account and deposited 1,521.00 as principal. The account earns 6% interest, compounded annually. What is the balance after 5 years?

Solution

K a t y 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 1, 521.00 a s p r in c i p a l . T h e a cco u n t e a r n s 6% 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 : 2035.44

Solution steps

Translate the problem into an equation:

A = 1521 (1 + \frac{0.06}{1})^{1 \cdot 5}

1521 (1 + \frac{0.06}{1})^{1 \cdot 5} = 2035.44110 \dots

Round to the nearest hundredth:

2035.44

Amount : 2035.44

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