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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?

Solution

S o p hi e ha s 40 in an a cco u n t . T h e in t eres t r a t e i s 5% 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 s h e e a r n in 3 ye a rs ?

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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