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Popular Word Problems >

you won 500 in an art contest. you deposit the money into an account that pays 7% interest. how much money will you have after 4 years?

Solution

yo u w o n 500 in an a r t co n t es t . yo u d e p os i t t h e m o n ey in t o an a cco u n t t ha t p a ys 7% in t eres t . h o w m u c h m o n ey w i ll yo u ha v e a f t er 4 ye a rs ?

Solution

Amount : 640

Solution steps

Translate the problem into an equation:

A = 500 (1 + 0.07 \cdot 4)

500 (1 + 0.07 \cdot 4) = 640

Amount : 640

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