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Popular Word Problems >

Find the final amount of money in an account if 5,800 is deposited at 5% interest compounded annually and the money is left for 10 years. The final amount is . Round answer to 2 decimal places

Solution

solve for

t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 5, 800 i s d e p os i t e d a t 5% in t eres t co m p o u n d e d ann u a ll y an d t h e m o n ey i s l e f t f or 10 ye a rs . T h e f ina l am o u n t i s . R o u n d an s w er t o 2 d ec ima l pl a ces

Solution

Amount : 9447.59

Solution steps

Translate the problem into an equation:

A = 5800 (1 + \frac{0.05}{1})^{1 \cdot 10}

5800 (1 + \frac{0.05}{1})^{1 \cdot 10} = 9447.58883 \dots

Amount : 9447.58883 \dots

Round

9447.58883 \dots

to the nearest 2 decimal places:

9447.59

Amount : 9447.59

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