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Popular Word Problems >

Derek deposited 7,000 in an account earning 15% interest compounded annually.To the nearest cent, how much interest will he earn in 3 years?

Solution

Dere k d e p os i t e d 7, 000 in an a cco u n t e a r nin g 15% in t eres t co m p o u n d e d ann u a ll y . T o t h e n e a res t ce n t, h o w m u c h in t eres t w i ll h e e a r n in 3 ye a rs ?

Solution

Interest : 3646.125

Solution steps

Translate the problem into an equation:

10646.125 = 7000 + I

Solve for

I, 10646.125 = 7000 + I : I = 3646.125

Interest : 3646.125

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