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Popular Word Problems >

Nicholas has 5,495 in an account that earns 14% interest compounded annually.To the nearest cent, how much interest will he earn in 4 years?

Solution

N i c h o l a s ha s 5, 495 in an a cco u n t t ha t e a r n s 14% 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 4 ye a rs ?

Solution

Interest : 3785.84

Solution steps

Translate the problem into an equation:

9280.83607 \dots = 5495 + I

Solve for

I, 9280.83607 \dots = 5495 + I : I = 3785.84

Interest : 3785.84

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