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Popular Word Problems >

Francesca opened a savings account and deposited 600.00 as principal. The account earns 15% interest, compounded annually. How much interest will she earn after 4 years?

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Solution

Francescaopenedasavingsaccountanddeposited600.00asprincipal.Theaccountearns15%interest,compoundedannually.Howmuchinterestwillsheearnafter4years?

Solution

Interest:449.4
Solution steps
Translate the problem into an equation:1049.40375=600+I
Solve for I,1049.40375=600+I:I=449.4
Interest:449.4

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