en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular Word Problems >

Nate invests 1,000 into an account with a 5.2% interest that is compounded annually. How much money will he have in this account if he keeps it for 5 years?

Solution

N a t e in v es t s 1, 000 in t o an a cco u n t w i t h a 5.2% in t eres t t ha t i s co m p o u n d e d ann u a ll y . Ho w m u c h m o n ey w i ll h e ha v e in t hi s a cco u n t i f h e k ee p s i t f or 5 ye a rs ?

Solution

Amount : 1288.48

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.052}{1})^{1 \cdot 5}

1000 (1 + \frac{0.052}{1})^{1 \cdot 5} = 1288.48301 \dots

Round to the nearest hundredth:

1288.48

Amount : 1288.48

Popular Examples

the quotient of a number and-3 is-8. Find the number Oscar and Heather deposit 8,000.00 into a savings account which earns 4% interest compounded quarterly. They want to use the money in the account to go on a trip in 3 years. How much will they be able to spend?A number is less than or equal to 1 the sum of two numbers is 208.one-third of the greater number equals the smaller number. what are the numbers?You deposit 2500 in a savings account. Find the balance after 4 years if the account earns 2% interest compounded monthly.