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Popular Word Problems >

if my savings account has 30000 dollars, and my savings account increases by 4% each year, how much dollars will i have in 100 years?

Solution

i f m y s a v in g s a cco u n t ha s 30000 d o ll a rs, an d m y s a v in g s a cco u n t in cre a ses b y 4% e a c h ye a r, h o w m u c h d o ll a rs w i ll i ha v e in 100 ye a rs ?

Solution

Principal : 6000

Solution steps

Translate the problem into an equation:

30000 = P (1 + 0.04 \cdot 100)

Solve for

P, 30000 = P (1 + 0.04 \cdot 100) : P = 6000

Principal : 6000

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