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Popular Word Problems >

Sophie has 40 in an account. The interest rate is 5% compounded annually.To the nearest cent, how much interest will she earn in 3 years?

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Solution

Sophiehas40inanaccount.Theinterestrateis5%compoundedannually.Tothenearestcent,howmuchinterestwillsheearnin3years?

Solution

Interest:6.305
Solution steps
Translate the problem into an equation:46.305=40+I
Solve for I,46.305=40+I:I=6.305
Interest:6.305

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